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So there was a “secret” D round where certain higher-ups were able to buy preferred shares and, basically, negotiate a salvage fee while the ship was still sink
by miiiiiike 4y ago
So there was a “secret” D round where certain higher-ups were able to buy preferred shares and, basically, negotiate a salvage fee while the ship was still sinking? Who got those shares? I want to make sure that I don’t work with those guys in the future.
What happened to the regular employees who believed in the company enough to exercise their options? I’m assuming they were paid way less than market for the better part of a decade?
Nothing? Just: “Fuck you, I’m eating.”?
There was a layoff in August.. Did they let the people they let go know that they were cooking up a deal that would make their vested options worthless? Did they put a time pressure on them to exercise their options after getting laid off? Did they give their money to SoftBank?
These are very rich men whose company failed. I can’t imagine cashing out while screwing over everyone I worked with along the way. I couldn’t do it. At least face your people and say “Sorry this happened. We’re all in the same place.”