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> Facebook, which acquired the VR company almost exactly three years ago today. Perhaps Palmer is able to 100% cash out all his stocks/RSUs today so he's out t

by devy 10y ago

> Facebook, which acquired the VR company almost exactly three years ago today. Perhaps Palmer is able to 100% cash out all his stocks/RSUs today so he's out to do something else?

SteveNuts 10y ago
He should set up a VR company
- r00fus 10y ago
  Fairly sure FB would have made it worth his while to sign a non-compete.
  - kareemsabri 10y ago
    Pretty sure non-competes are illegal in California.
    - alrs 10y ago
      For employees. There are absolutely noncompetes in California for people who sell their businesses. http://codes.findlaw.com/ca/business-and-professions-code/bpc-sect-16601.html http://codes.findlaw.com/ca/business-and-professions-code/bp...
      - trevyn 10y ago
        Question: If you're a rank and file employee who has exercised options, and are therefore a (very small) shareholder, does this apply to you?
        khuey 10y ago
        IANAL, but the plain text of the statute says: "For the purposes of this section, “owner of a business entity” means ... or any owner of capital stock, in the case of a business entity that is a corporation. For the purposes of this section, “ownership interest” means ... or a capital stockholder, in the case of a business entity that is a corporation." So it certainly seems possible. Note that you would have to "sell or otherwise dispos[e] of all of his or her ownership interest in the business entity" in order for this code to apply. So it sounds like it may be possible for a company to include a non-compete in an offer to buy back your shares. Again IANAL and this is not legal advice.
  - trevyn 10y ago
    Fun facts: Though non-competes are generally unenforceable in California, there are exceptions when you sell your business, so the details of this particular case may be interesting.
- KSS42 10y ago
  Like Otto?
  - VikingCoder 10y ago
    Vrotto
adamvalve 10y ago
He was on the hook for 50m of damages in the Zenimax lawsuit. I wonder how much that eats away at his worth?
- lacksconfidence 10y ago
  Rumor was he received more than 500m from the original Facebook buyout.

by devy 10y ago

> Facebook, which acquired the VR company almost exactly three years ago today. Perhaps Palmer is able to 100% cash out all his stocks/RSUs today so he's out to do something else?

SteveNuts 10y ago

He should set up a VR company

r00fus 10y ago
Fairly sure FB would have made it worth his while to sign a non-compete.
- kareemsabri 10y ago
  Pretty sure non-competes are illegal in California.
  - alrs 10y ago
    For employees. There are absolutely noncompetes in California for people who sell their businesses. http://codes.findlaw.com/ca/business-and-professions-code/bpc-sect-16601.html http://codes.findlaw.com/ca/business-and-professions-code/bp...
    - trevyn 10y ago
      Question: If you're a rank and file employee who has exercised options, and are therefore a (very small) shareholder, does this apply to you?
      - khuey 10y ago
        IANAL, but the plain text of the statute says: "For the purposes of this section, “owner of a business entity” means ... or any owner of capital stock, in the case of a business entity that is a corporation. For the purposes of this section, “ownership interest” means ... or a capital stockholder, in the case of a business entity that is a corporation." So it certainly seems possible. Note that you would have to "sell or otherwise dispos[e] of all of his or her ownership interest in the business entity" in order for this code to apply. So it sounds like it may be possible for a company to include a non-compete in an offer to buy back your shares. Again IANAL and this is not legal advice.
- trevyn 10y ago
  Fun facts: Though non-competes are generally unenforceable in California, there are exceptions when you sell your business, so the details of this particular case may be interesting.
KSS42 10y ago
Like Otto?
- VikingCoder 10y ago
  Vrotto

adamvalve 10y ago

He was on the hook for 50m of damages in the Zenimax lawsuit. I wonder how much that eats away at his worth?

lacksconfidence 10y ago
Rumor was he received more than 500m from the original Facebook buyout.