Imagine: you've built an IT company. It became a unicorn valued at over $1 billion. You have millions of users.
And then, a successful exit! The company is bought for half a billion. You're already sipping champagne, calling your loved ones, opening your banking app... and there's zero.
This is the real story of the founders of FanDuel (the largest fantasy sports service).
🧐In 2018, FanDuel was sold to the betting giant Paddy Power Betfair. You already know the deal amount.
But Nigel Eccles (CEO) and other founders didn't receive a penny.
How is that possible?
It all came down to two words hidden in the investment agreement that the founders had signed years earlier, overjoyed while raising funds.
🫣 The secret turned their shares into worthless paper, even though the company was successful.
What was that killer clause?
Let's break it down below👇
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