I trust Troy Hunt more than I trust OP's examples of Facebook and Verizon. I also trust his competence more than I trust theirs. Whose to say that anybody won't make any of the mistakes you mention. FWIW I would doubt he would sell to either of these companies, but it's undeniable that you give up control when you sell and people have made incorrect judgments before.
Nobody is suggesting he continue alone, rather that, if he feels that they're the only two options, he take some venture capital instead of selling the business.
The main reason not to do this is the one that he's given: it may not be the best thing for him personally, and the venture capital plan may be particularly negative for him. I think this reasoning has a lot of merit.