Agreed, but the question is if that is how he sold the company to investors and to employees? Employees at this point all know, or should know that stock grants are lottery tickets. But that said there is a very clear distinction between working for a company for that lottery ticket and working for the same company where management is actively negating the value of that ticket. Not to mention he slashed salaries 8 months ago. The part about getting liquidity for early investors and employees sounds nice but he had definitely better stick the landing on that one if he doesn't want to see a mass exodus. This act while possibly perfectly legit should be a clear indication to employees and potential employees that he has no interest in building the type of company that can turn equity into life changing money.
Cutting pay and firing people isn't great, but would it really be better for them to burn their capital and become another failed venture? That was the path laid out ahead of them, B2B sales isn't just something you can throw money at and get customers from endlessly, its a slow slog to acquire customers as their associates start using your application and start raving about how much better it has made their business.
Buffer is a nice app, not a world changing invention with any kind of technical or business moat. No one went in hoping to become a Buffer Billionaire.
