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Update: QSBS was applied here: https://twitter.com/Shpigford/status/1326163478529314817

Founders can, his situation varies. Either QSBS or ideally through 83(b) (where one pays all taxes on company stock at founding in first 30'ish days).

You misunderstand 83b, that’s just about paying the income tax on restricted stock grants up front instead of as it vests. You still would owe gains on the appreciation of the stock. QSBS allows some or all of the gains to be tax free.

I'm assuming he held his shares through his own holding company.