wework RSU value change in light of IPO valuation change?

Honey wwwework
Sep 5 28 Comments

I am very close to accepting an offer at WeWork as a data scientist in their NYC office but in light of their IPO valuation dropping, I am unsure what this means for the value of the RSUs as part my offer.

https://www.cnbc.com/amp/2019/09/05/wework-is-dramatically-slashing-its-ipo-valuation-because-of-weak-demand.html

My offer includes 1000 RSUs over 3 years, or about $110,000 based on 1RSU=$110. But that $110 price is pegged to WeWork's previous valuation of $47 billion... with their new valuation of ~$25 billion, has the value of my RSU package essentially halved? Should I bring this up with my recruiter and try to negotiate more? I've already done one back and forth with recruiting and was happy enough with the offer after that. Fwiw I have a competing offer from Uber that's comparable in RSUs (except ofc that Uber is public so their RSUs are concrete).

Would appreciate any advice, thanks in advance.

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TOP 28 Comments
  • Facebook / Product
    technerd1

    Facebook Product

    PRE
    Uber, Microsoft, IBM
    BIO
    Ex Msft ex Uber now fb
    technerd1more
    Joining a company that’s about to ipo on half it’s valuation... imagine what the culture will be like for all those people seeing their riches disappear. Also do you think 25b is a good value or will it keep falling like many other unicorn iPod?
    Sep 5 3
    • Uber ice blast
      ^this
      Sep 5
    • eBay nicewon
      Exactly. People will be leaving, causing chaos. I bet you can find a better offer elsewhere with more potential.
      Sep 5
    • WeWork RPvk36
      We have been getting fucked so often, this latest haircut is nothing. Nobody joined because of rsu/options, high base is the only way to go.
      Sep 6
  • Facebook / Eng Allegrante
    Yes absolutely negotiate.
    Sep 5 0
  • Honey wwwework
    OP
    I plan on speaking with the recruiter in the AM. Any advice on how to go about this negotiation besides bringing up the obvious fact that my RSU package value has dropped in half? I have the competing offer from Uber so I plan on bringing that up as well.

    Re: WeWork being a sinking ship -- I'm aware that the company is on some shaky ground and the IPO will be tumultuous, but the specific role and team are quite interesting to me and I think would open more doors down the road than the opportunity at Uber. I guess at this point I'm not as concerned with optimizing immediate TC as much as skill and career development. Basically even if RSUs aren't going to as much as Uber's, I don't think the company will crash to the point where I get fired in less than 1.5 years and I'll still have a worthwhile career experience during that time.

    That being said I still want as much TC as possible lol.
    Sep 5 8
    • WeWork / Eng Shtonk
      But definitely negotiate up those RSUs
      Sep 6
    • WeWork / Ops xj13hz
      Wow do we have a tangible path to profitability? If you are interested you should go find some pro formas to look at.
      Sep 6
    • WeWork / Eng Shtonk
      WeWork has unsubsidized revenue.
      Uber/Lyft do not.
      Sep 7
    • WeWork WeBest
      I hear a lot of complaints about the culture, in smaller pockets. I used to be extremely devoted to the cause, but nowadays I’m not so sure.

      Rumors of two large orgs getting cut/merged with more cuts in growth to compensate for bad IPO news have me a bit worried. The amount of people quitting and leaving are making me very angry, but I understand more now why it’s happening.

      Fuck some of them for quitting when it matters, but the burnout culture is taking a toll on a lot of us. Sometimes we may need to throw in the towel, and the rest of us can hopefully get what they leave behind.
      Sep 13
    • WeWork / Eng ecxcxcxcx
      In all fairness, the more people that quit, the less likely it is you get laid off.

      I haven’t seen too many people leaving though?
      Sep 14
  • Oracle Ot3Na
    WeWork will sink like an anglerfish in the first week of public trading no matter what the IPO is at
    Sep 5 0
  • WeWork gDre
    Of course bring it up with a recruiter. They’ll probably up the stock 2x
    Sep 5 0
  • WeWork unpafama
    What mission or team are you joining? I’m an ex-Wework data guy fwiw
    Sep 5 5
    • American Express uktg07
      How long were you there for? Why did you leave? Can you
      share what company, or even industry you ended up in after?
      Sep 5
    • WeWork unpafama
      2 years. Left because this company doesn’t do anything interesting with data science
      Sep 5
    • WeWork / Eng Shtonk
      Based on what I’ve seen as of late, I disagree with that statement. They’ve been looking into some interesting stuff, but I guess it depends on which team you’re on.
      Sep 6
    • WeWork unpafama
      Applied science does interesting but moonshot things. I was on a mission that’s extremely product focused and our ML applications weren’t particularly compelling
      Sep 7
    • WeWork / Eng Shtonk
      Fair enough
      Sep 7
  • Rubrik hhet
    You have the upper hand here. You must renegotiate. But I also agree with what Facebook says.
    Sep 5 0
  • The Trade Desk / Eng adwhispere
    I appreciate and respect you valuing experience and growth opportunity as much as/more than chasing the shiniest TC. But seriously, what @technerd1 said... No matter what they promised you about tech challenge and cool team, if you want to grow you should join a company that is growing. Period. Market valuation isn't everything, but getting halved will take a serious toll on all but the most resilient cultures. From what I've read of their leadership, I'd highly doubt they have the inner strength to weather this well...
    Sep 5 0
  • Bloomberg / Eng F.U. money
    Just saw a post by somebody saying that their RSU was slashed in half in a single day. Something to consider.
    Sep 5 0
  • Microsoft UMbR31
    Jesus dude, are you leaving Uber to join WeWork of all places!? Even if they triple the TC, you should step back and think about the kind of choice you are making.

    All these claims of 'cool work' can vanish the day you join. I mean, do you want to be working on a toy project at a fraudulent entity? Don't even get me started on "opening doors", having WeWork on your CV is going to be a liability.
    Sep 5 0
  • Lyft blah124
    The power of We
    Sep 6 1
    • Facebook / Eng Allegrante
      7 million $ for using that plz
      Sep 6

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