Kudos for breaking ground on letting outside investors into a Series A [0], but it seems weird to just grant that voting power to the CEO. Can't tell if it's the CEO using that to reduce the dilution on his voting power due to the raise or a practical way to try to balance outside investment against the chaos of a hundred individual investors - if it's the latter it would make me feel better to proxy those voting shares to an investor & have the ability for the members to be able to vote to undo the proxy (especially interesting that the details of the proxy voting agreement aren't even posted so you can't make a determination a priori to applying). The former feels a little dishonest & a way for the CEO to make a cool 1M under his name without putting his own money on the line.
Of course, I also don't have experience with this kind of setup. Am I reading too much into this & this is fine?
Of course, I also don't have experience with this kind of setup. Am I reading too much into this & this is fine?
[0] https://frameworkcomputer.typeform.com/community-round?typef...