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How exactly was he hurt? He worked for a low valued company that was briefly viewed as valuable. It returned to its real value shortly thereafter. He had the sa
by kolbe 4y ago
How exactly was he hurt? He worked for a low valued company that was briefly viewed as valuable. It returned to its real value shortly thereafter. He had the same net worth he had had a month before. He just wants a piece of the SPAC scam money. And I encourage him to go get some of the pie for himself, but he isn't a victim.
- spac_throwawayy 4y agoOkay with you if your brokerage stops you from selling when your stocks are up?
- kolbe 4y agoThat has happened to me literally hundreds of times in my life. The real difference is my stocks aren't SPAC scams, so I'm not playing some pump and dump game needing to sell at the perfect moment, and then crying foul when a scam within a scam didn't go my way. edit: I'm posting too fast. So my reply is here. You didn't orchestrate the game. I get it. But your moral compass is clear when your first instinct is to try to recoup money stolen from SPAC investors for yourself, rather than for the retail investors who were actually harmed by it. You in no way were harmed--you had a couple hundred grand in stock before the IPO, and a couple hundred grand now. You're just mad that executives and Hedge Funds got to scam people and not you. That said, I wholeheartedly endorse you going after them. But go after them like a wolf, not a sheep.
- spac_throwawayy 4y agoI’m just an engineer who got stock as compensation. I built real things. I wasn’t playing a pump and dump game. I just wanted a fair shot at selling my stock before insiders tanked it. I would’ve preferred a different type of exit but it wasn’t my choice.
- heliodor 4y agoHe was legally hurt. You're talking about morals.
- kolbe 4y agoI don't think the phrase "I'm sorry you were hurt" is appropriate for people who weren't morally hurt. "I'm sorry you were hurt" is appropriate for the retail investors who were bilked out of their saving by his company.
- ianbutler 4y agoThat’s your opinion though. I think employees who are sold on the dream and who are largely compensated by RSUs are hurt morally by their management and investors who push a garbage stock. People are getting mortgages in places like Seattle calculated on RSUs because of how common a compensation scheme it is. You can have your opinion but I don’t think it’s well considered. Both the retail investors and employees are hurt by garbage spacs. Edit: You're -> Your
- kolbe 4y agoYour timeframe on this is way off. He was not compensated at SPAC IPO price levels. The typical employee has been getting RSUs for years and years at valuations several times lower than their IPO level. No one took out a mortgage against stock that was valuable for less than two weeks. The only part that I think makes him a victim is the idea that management pulled a scheme against his will and he got nothing for it while still having to incur the stigma of being a part of it.
- yoav 4y agoIf you take out a loan on illiquid asset like RSU then your bank is the one taking advantage of you. Like the housing crises where banks gave out mortgages to people that couldn’t afford it and everything collapsed. Gambling your house on the success of a single company is wildly irresponsible.
- ianbutler 4y agoI'm not sure how to respond to this. I don't have or do any of these things and I'm not the person who would need to hear this. I do agree with your thoughts, I just still feel bad for the people who have done this, and I know about from reading about it.