If we forget about the percentages they own and focus on the value of their stock we see that their stock goes likes this:
$0
$9m
$37.5m
$130.5m
$247.5m
I suspect that the founder ownership percentages are actually lower than you've suggested and that right now they own somewhere around 20 to 30% which is still valued at $110m to $165m.
Maybe percentage determines voting power but there are plenty of mechanisms that can and are used to retain control at the equity percentages we are talking about.
I suspect that the founder ownership percentages are actually lower than you've suggested and that right now they own somewhere around 20 to 30% which is still valued at $110m to $165m.