I worked for a startup in the late 90's founded by 4 college friends that just wanted to build cool stuff. None of them wanted to actually be CEO so they sorta rotated the job between them every few months while they built. Eventually they needed a dedicated person at the helm to handle CEO things so they hired a guy that was a VP at Microsoft at some point. The company was sold off within 6 months and everyone was gone.

Sometimes entrepreneurs have good intentions and just get fucked over.