Who's Laughing Now? Fired Foursquare Cofounder Naveen Selvadurai Is Who
Apr 11, 2013, 18:29 IST
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Debt rounds like that can be tough for common shareholders.
The news reminds us that sometimes it's great to be the guy who gets canned.
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Back in March 2012, Foursquare parted ways with cofounder Naveen Selvadurai.
But Selvadurai didn't leave empty-handed.
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Earlier that month, reports surfaced that Foursquare investor Spark Capital bought $50 million worth of stock from Foursquare employees.
The rumor is that a huge portion of that cash went to Selvadurai in exchange for his equity on the way out the door.
Back then, Foursquare was a hot startup with a $600 million valuation. Today, Foursquare is taking on debt to survive. So Selvadurai may have cashed out at the top.