[flylib]

except they already took a large secondary offering they keep if the company fizzles out

"Yesterday we discussed how Robinhood had raised $363 million in new funding at a $5.6 billion post-money valuation. All of that was primary capital, but we've since learned from multiple sources that there also was a secondary transaction whereby Robinhood's co-founders and some early employees cashed out just north of $100 million."

https://www.axios.com/newsletters/axios-pro-rata-9833c302-36...