this post was submitted on 01 Nov 2023
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I assume that stock was in the form of restricted stock units that vest over the course of a few years. I've seen this kind of thing play out at a few big tech companies over the years and have seen people lose literally hundreds of thousands of dollars in delayed payout.
They offer these as a "loyalty incentive" so the employee wants to stay while of course offering no loyalty in return when they decide to execute layoffs.
Except these were never meant to be paid out. Bungee isn’t about to give away their company to their employees.
It’s a plastic carrot.
Yes, I am certain that was the case. It was the case in my examples too... Every now and then someone gets through and gets a couple units to vest, but the majority are gone and so is that compensation. It's disgusting.
I assume they have to cash in some. Or else the SEC comes sniffing around like “you guys have given out 3 million shares over ten years but no one has ever cashed a singled one out, hmmmmm”. So those are likely the rare few. And a few units tracks because they aren’t giving $2m in stock to some entry level tech.
I always liken those practices to the same shit they flash musicians or sports figures during negotiations. Wave a mansion, Lambo, gold, some ladies making all kinds of promised. But in the end, some contractual loop hole says that you’re just “borrowing” it all. Fake money.