Who's Laughing Now? Fired Foursquare Cofounder Naveen Selvadurai Is Who

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Today, there are reports that Foursquare raised $41 million in debt in order to keep the operation going.

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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.