They took an awful lot of investment rounds and dilution. (The alternative was closing the doors.) As tends to be the case several rounds down the line, the investors own nearly all of the firm.
Yup. Worth noting, though, that Tim and some other execs already got to take a few million off the table last summer by selling some shares to their biggest investors. See "investor offer" in the S-1: http://sec.gov/Archives/edgar/data/1230276/00011931251103296...
