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I’m CEO of Linear who raised the alarm on this. I have to commend them for making this decision and removing the conflict of interest. However they didn’t add
by enra 3y ago
I’m CEO of Linear who raised the alarm on this.
I have to commend them for making this decision and removing the conflict of interest.
However they didn’t address the fact that sales people had convenient access to data and how long & broadly that access was abused.
Edit: fixed “Linear CEO” to “CEO of Linear”
- jjtheblunt 3y agowhat is "linear"? [ edit : thanks below! ]
- dangrossman 3y agoThe company he's CEO of: https://linear.app https://linear.app
- dataflow 3y agoOh wow thanks, I just assumed it's Linear Technologies.
- temp_praneshp 3y agohttps://linear.app/ https://linear.app/ He's the CEO "of" Linear, not a linear CEO :)
- jjtang1 3y agoLinear is the only thing saving startups like ours from using Jira ;)
- jjtheblunt 3y ago:)
- CityOfThrowaway 3y agoThey did address it... by completely eliminating the department. They didn't deep dive retro it, but in that, we know the answer.
- milkglass 3y agoSo strange. What are the data retention requirements for situations such as this? The whole thing just feels so off. Some big moves but very little details from Carta. Commitments just sound like empty promises now, especially when they're presented on Medium. Did any customers receive assurance or details of what went down?
- colechristensen 3y agoSome financial institutions are basically required to retain everything for years, Carta may or may not be outside some of those stricter requirements. Given their customers are startups, but more specifically founders themselves, and they handle cap tables, I’m sure they’re getting plenty of direct questions from legal departments with the interest of C suites everywhere. Assurances might well be coming in to form of legal agreements and external audits, and possibly SEC investigations and discovery for lawsuits.
- baobun 3y agoNo, there is no acknowledgement that anything undue ever happened. Only that business in this department hasn't been financially successful and that customers could have concerns. Nothing about those concerns actually being valid. This is vague misdirection at best.
- krallja 3y agoIt’s in the previous post: https://henrysward.medium.com/how-we-handle-captable-information-c98d85d79277 https://henrysward.medium.com/how-we-handle-captable-informa... > On Friday we had an internal policy violation that affected three companies. I’ve been in touch with the founders and I’m appalled we made that mistake and it should never have happened. It is unacceptable and we’ve dealt with the violation on Saturday morning and are continuing the investigation to make sure it never happens again.
- jjtang1 3y agoAre you leaving Carta for Pulley or other platforms? We've been long time Carta customers at Rootly.
- enra 3y agoWe’re starting to evaluate other platforms, Pulley and Angellist.
- choppaface 3y agoI'm a former employee of a place that did Carta. Employees are already left in the dark about the cap table, liquidity preferences, venture debt, and the C-Suite's relationship with the Board. Based on this exchange, I'd now see usage of Carta as a red flag when looking at any new start-up. Maybe Schwab or Shareworks are ok (Shareworks has been fine in my own experience). The investors are already doing hyper-leveraged arbitrage with my labor, I don't need the HR Comp software to do that too (even if they say they don't, and even if they say that business is only worth $3m/yr vs $250m/yr for accounting). If they want to do that, they can pay me directly.
- athoscouto 3y agoI've worked on some companies that used Carta. In some of them, I had access to cap table, preferences, total raised debt, etc. In others, I could see only my number of options and their strike price. Is up to the company how much they want to share, Carta can be used on both ways.
- choppaface 3y agoI agree it’s up to the company how much they share. And companies that sure very little are not worth smart talent.
- therobots927 3y agoI worked for a startup where I repeatedly asked basic questions to estimate the value of my shares. I never got a straight answer. So I applied to a FAANG and got in. When I was onboarding the FAANG asked what my shares I was leaving behind were worth (they take this number and use it to calculate starting bonus). I had no idea, gave an honest estimate, and later found out that I had given them a number about 60% lower than the true value. I'll never forgive the startup execs for keeping me in the dark, or ever work for a company again that doesn't make that information freely available. One of my favorite memories was walking out the door of that place.
- fatnoah 3y ago
- elvinyung 3y agoHow was the beef stew?