Should founders take money off the table in later venture rounds, and if so under what circumstances? An extraordinary private email to Airbnb CEO Brian Chesky from investor and former Facebook exec Chamath Palihapitiya which was leaked to Kara Swisher at AllThingsD brings this question into sharp focus once again. The email is reprinted below, you should read it in it's entirety. Palihapitiya doesn't take issue so much with the founders collecting $21 million of the $112 million round for themselves, but rather with the way that they did it. "My basic principle on this stuff is that if you want liquidity, that?s fine, but you should make it available to everyone. Otherwise, no one should get it," he writes. They took it as a straight dividend which, notes Palihapitiya, "allows you guys to take money out of the business and not dilute yourself."Source: http://feedproxy.google.com/~r/Techcrunch/~3/B2OI96DRjNA/
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