I can't say if this is close to the mark, but if so it makes perfect sense why the other founders left. Being at the head of a ship with a captain trying to slow down so he can line his own pocket is a special kind of hell.
2) If any employees own equity it's also in their best interests to buyback shares since they'll own more of the company. It also means the founder(s) see a bigger potential pay out in the future and will continue putting all of their energy into the business.
The Buffer team's idea of success became different from the VC's who initially invested -- it's smart to capitalize on this and buy back your cap table if the price is right, you can afford it, and you think the company will succeed.
I wouldn't be surprised if the founder tries to sell the company in the new few years a discount of the current valuation. With 45% ownership, that's a very large chunk of change.
make of it what you will but doesnt seem low
https://docs.google.com/spreadsheets/d/1l3bXAv8JE5RB9siMq36-...
- https://open.buffer.com/transparent-salaries/
With a calculator here:
And are open about their sales, subscribers, revenue, churn, etc