Who's Laughing Now? Fired Foursquare Cofounder Naveen Selvadurai Is Who
Today, there are reports that Foursquare raised $41 million in debt in order to keep the operation going.
Debt rounds like that can be tough for common shareholders.
The news reminds us that sometimes it's great to be the guy who gets canned.
Back in March 2012, Foursquare parted ways with cofounder Naveen Selvadurai.
But Selvadurai didn't leave empty-handed.
Earlier that month , reports surfaced that Foursquare investor Spark Capital bought $50 million worth of stock from Foursquare employees.
The rumor is that a huge portion of that cash went to Selvadurai in exchange for his equity on the way out the door.
Back then, Foursquare was a hot startup with a $600 million valuation. Today, Foursquare is taking on debt to survive. So Selvadurai may have cashed out at the top.
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