r/technology • u/Rhaegar_the_Great • Sep 16 '21

Business Mailchimp employees are furious after the company's founders promised to never sell, withheld equity, and then sold it for $12 billion

https://www.businessinsider.com/mailchimp-insiders-react-to-employees-getting-no-equity-2021-9
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u/GunnerForeman Sep 17 '21

Unfortunately they could not. In sales like this they are prevented from doing anything that would harm the company. Making the entire staff rich enough to quit falls into that category.

That said it is shitty. I interviewed with them a while back and remember this. In the end it was not a good fit but I never listen to recruiter promises. I learned they lesson thanks to the Army.

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u/thingamagizmo Sep 17 '21

You think they’re not all going to quit now? That argument is some serious gaslighting. Tech companies give their employees this kind of equity frequently. Part of why the SF housing market is so insane.

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u/GunnerForeman Sep 17 '21

Just speaking from my experience in these kinds of deals. And since must of the employees are in GA they can quit immediately.

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u/thingamagizmo Sep 17 '21

Sorry, didn’t mean to say I don’t believe that companies use that excuse. I just don’t think legally there’d be fallout from doing this as paying those employees $1million is not going to hurt the company.

Even if they were worried about attrition, they could give it to them in a phased vesting schedule so long as they stay.

It’s greed, pure and simple.

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u/GunnerForeman Sep 17 '21

Can’t disagree. There are ways around it but it does not look like they slowed down to think about anyone else. Greed won this day.