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" He likely got the lion's share through the IPO and then through options and stock grants.

Hi PosFCF,

I'd be surprised if any of it was acquired during the IPO. Heck, that's when they like to sell off some. I don't know his history with the company but if he's one of the founders you can be pretty sure he got it well under the IPO price, at least that's how it worked in the few startups I worked for. One co I worked at let us(regular employees) buy stock at $12.25 with a one year lock up. Just before going public at $22, they split 5:1. At another start up the founders paid 10¢ per share, I got to buy some at $1... Never went public but did end up paying me back $%.28 per share from royalty income after they went out of business.

Regards, Ken
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