In this particular case it looks like he was the co-founder of a business acquired by another company. Usually co-founders hang out for a time, but also usually not forever. How would you feel if you bought a house and the previous owners kept showing up to see the new decor? It's generally a short-lived relationship.

It's a bummer but a labor of love that's acquired by someone else....is no longer your baby. If it's not generating revenue by the new company they're going to kill it. Heck, even if it is generating revenue they still might mess it up. That's really the sad part of acquisitions. Hopefully he took away some cash at some point.