Anyone?New theory: while he can't stop Matt from doing dumb...

Anyone?

New theory: while he can't stop Matt from doing dumb things, Simon Clausen is waiting for FLN to run into the ground and become desperate. He is far wealthier than MB and less of his net worth is tied up in FLN. He isn't nibbling away at the stock now, since he can buy tons of it later for cents on the dollar when FLN gets in real trouble. He may have privileged access in terms of who FLN can raise money from, and he's on the board.

FLN could be restructured along conventional lines: injection of capital, normal US-based CEO who doesn't post weird stuff to Twitter or register Weird Domain Names, independent board, downsize the big Sydney office, move to a US company, break off unrelated business. This would probably lift MC to $300-$500M. A cleaned-up FLN could probably be sold to UPWK or FVRR (at the moment, I think they are just waiting for FLN to die) or list on the NASDAQ.

Either way, SC gets a big exit event - instead of a minority share of a dying company, a $10-$20M investment could get him $150M or more. Given how rich he already is, that's halfway at least to the 3 commas club for Simon! MB gets $5-$10M and becomes a "VP of Growth" or walks away or something. Or goes nuts and spends his late middle age suing everyone, but it doesn't matter.

This might explain why the board is so relaxed about the trajectory FLN is on. You'd think they'd otherwise at least be raising money or securing a line of credit.