Ask HN: How does this happen? Pandora Radio founder owns less than 3%

8 points

15 years ago

http://blogs.forbes.com/nicoleperlroth/2011/02/11/pandora-files-for-ipo/

"The biggest winners in a public offering would be Pandora’s investors: Crosslink Capital (owns 23%), Walden Venture Capital (19%), and Greylock Partners (14%). The offering would be the second big win for Greylock this year–the firm also owns 16% of LinkedIn, which filed two weeks ago. But according to the S-1, founder Tim Westergren owns less than 3% of the company."

I imagine this situation being far from ideal for Westergren. How does this sort of thing happen?

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