"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?
"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?