Just saying...Once the valuation of a company takes off it's...

Just saying...

Once the valuation of a company takes off it's difficult to increase your percentage of ownership in any meaningful way, unless you're wealthy by other means. It's much more likely that your ownership stake goes down over time as dilution outpaces your ability to multiply your holdings.

Since IPO NVX has added 270% more shares. If a founder's original allocation was already worth millions, they'd need to spend many more millions of their own money (which may not exist) or aggressively issue performance options, just for a shot at maintaining the ownership they started with. The company's overvaluation would have made this almost exponentially more difficult, creating a deep chasm between the value of a share on market V/S the income a director can reasonably use to buy back their percentage of ownership.

The cat was pretty much out of the bag the day NVX went public. Whatever happened before then to decide who gets what isn't something we'll know. But for all we know there could have been private investment and dilution before NVX IPO'd as well.

Since the directors don't appear to have any significant sell-offs during or after the hype bubble, I think it's fair to say their low percentage ownership stakes are more related to legacy company structure bs, and have no strong bearing on their current belief in the company one way or another.