How founders sold for $460M and got $0

FanDuel sold for $460M. Founders got nothing. Liquidation preferences. Investors get paid first. If their preferences exceed the exit, founders get wiped out. And it gets worse with: • 2x / 3x multiples • Participating preferred (double dip) Most founders don’t think about this when signing term sheets. They should. 👉 Get feedback as your numbers change in Accelerate: https://vist.ly/4w5wz