throwaway28692

Like many startup employees these days, I'm stuck waiting for my ex-employer to IPO, which in this era could be pretty much forever. Employee friendly companies include ex-employees in tender offers but mine does not.

What I'm wondering is, has the legality of founders taking money off the table while not extending the same opportunity to all shareholders ever been tested? It seems like a clear case of making decisions that personally benefit controlling shareholders at the expense of minority shareholders.

I don't really want to get involved in legal action but I think the current state of affairs is really toxic and industry leaders need to do something about it. In a world where companies can stay private indefinitely, employees should not need to rely on the charity of their (possibly ex) employer to get access to liquidity. Posting this on HN because if anyone is well positioned to create the norms here, it's YC leadership.