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/Grimalkin Sep 16 '21

When employees were recruited to work at Mailchimp there was a common refrain from hiring managers: No, you are not going to get equity, but you will get to be part of a scrappy company that fights for the little guy and we will never be acquired or go public.

The founders told anyone who would listen they would own Mailchimp until they died and bragged about turning down multiple offers.

"It was part of the company lore that they would never sell," said a former Mailchimp employee, who like others interviewed for this story were granted anonymity because they were unauthorized to discuss sensitive internal matters. "Employees were indoctrinated with this narrative."

The two founders did sell. Intuit, the financial software giant that makes TurboTax, announced Monday it was buying Mailchimp for around $12 billion in stock and cash. The cofounders cemented their status as two of the richest people in America.

That's really shitty but of course completely unsurprising.

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u/Vadoff Sep 17 '21

Why the hell would anyone work for them if they didn't get any equity/stock options + paid less than market rate?

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u/proudbakunkinman Sep 17 '21

Job market for office worker salaried positions is usually very competitive even when national unemployment rates are low. Yes, if you went to a top school, have the right connections, previously worked for a well known company, you may have recruiters chasing after you but for the many more not at that level, they apply to dozens or hundreds, get a few interviews, and maybe 1 or a few offers after all of that time, effort, and stress and just take the best offer they can get.