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Former Foursquare CEO and chair Dennis Crowley writes about the company's acquisition, which left preferred and common shareholders with nothing, and takes partial blame for how the company got there. He also reflects on what he learned about founder loyalty and letting go.
- Per a fellow angel investor's account of the sale paperwork, every share of preferred stock was cancelled with no payment, and common shareholders also received zero.
- The author says the company hit $100M+ revenue in 2019–2021, then a 2019 private equity raise was followed by a banker-turned-CEO in January 2021, and he blames leadership for failing to preserve or create value afterward.
- Employees reportedly learned their shares were worthless through an email from legal and a 125-page PDF, which the author calls a failure of the transparency the company once prized.