NYTimes overrates the industry. Thousands of new millionaires? That’s gotta be off by a factor of 10. I would really be surprised if there is one thousand people who go from not millionaire to millionaire.
I’d believe thousands will get six digits. And maybe a few hundred will be “minted millionaires”. Most receiving a million or more will have already been millionaires before this.
Your example employee would have just missed a million if it was 4 years ago today, as 2015 is when the Uber valuation went from 12B to 60B.
If they got their comp at the 12B valuation and we’re hired at Eng 2 I’d guess they might just barely hit 1 million before taxes at IPO (Id guess about 150 engineers in that group at Uber) If that same person was hired a few months later they’d be looking at something like 600k by now (Id guess about 800 engineers in that group at Uber).
You shouldn't be surprised, if you worked years in any tech gig you would have a couple million bucks. This is just a delayed payday for many of our friends. There will be thousands or even tens of thousands of new millionaires. The bigger issue is a million bucks isnt much anymore. A solid down payment on a house but few people will be changing their life style or in line at the Lamborghini dealership
Lol. Thousands. Clearly the article is written by someone who has no idea how ipos go through and how many employees *really* cash out. Also, those quotes from realtors, yeah that should tell you the intention.