Did people see the leaked email two months ago from a VC to a co-founder of Airbnb and to other VCs? I first read about it on Michael Arrington’s new blog, Uncrunched.
I haven’t heard many people talk about it, and I think it’s pretty crazy.
From my interpretation it sounds like the company is raising $112 million from VCs, with $21 million going directly to the co-founders. That’s crazy! It’s reasonable for employees and founders of start-ups to get paid a fair salary from VC money (hey, a girl’s gotta eat, right?). It’s unreasonable for them to pocket massive amounts of VC money. The co-founders should be afreakingshamed of themselves. If any VCs actually agreed to these terms, they should also be ashamed of themselves, too. Anyone who contributed money to the VC funds that agreed to the terms should be complaining angrily. And Airbnb employees should be having some serious talks with their company’s leadership. I know I’d never work there. Ridiculous.