FanDuel: acquired for $465M. Now worth $20B.
Founders got... NOTHING (lol)
If you think "that won’t happen to me," you’re not paying attention.
Tech Twitter pumps you full of unicorn dreams.
VCs sell you “partnership.”
But here’s how it really plays out:
Founders build a beast.
9-figure revenue, market heat, timing so perfect you can smell the gold rush.
But somewhere between all those “raising our next round” PR blasts, they surrender control.
Board flips.
Investors pile on $550M+ in liquidation preferences.
Suddenly, “drag-along rights” means they can unload the whole company… founders be damned.
That’s exactly how FanDuel’s founders ended up owning zero from a $465M acquisition.
The investors walked with the winnings.
The people who built it walked away empty, watching their creation soar to $20B while lawyers fight over the crumbs.
You think this is rare? That’s cute.
Every month another founder show up, eyes wide, cap table bleeding, shocked that the board cashed out and left them holding air.
Here’s the game:
↳ You never really own your company once you lose the board.
↳ Preferences > passion, every single time.
↳ If the people writing checks want out, you’re a passenger, not the driver.
At BuddiesHR, we chose our path early. No mystery terms. No board filled with strangers. No upside casino.
Founders: Don’t become another FanDuel headline.
1/ Learn the f*cking math. $465M can = $0 for you.
2/ Control your board until it hurts.
3/ You’re not building for a press release — you’re building for freedom.
Real game = survive, grow, own your f*cking outcome.
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