4) he lost control and the board won't let him sell. Founder surely wants to sell. Unfortunately snapchat took $800M vc money, and his new VC bosses have completely different incentives to go for a long tail outcome. Which sucks because the founder is probably a lot more likely to get nothing than he is to get a huge exit and he knows it. Though as wengsing says he probably got a bunch of cash in prior rounds so maybe he doesn't really care.