A friend got an offer from Nextdoor several weeks ago and was scheduled to start their job in less than 2 weeks. A few days back Nextdoor announced their imminent IPO happening in Q4.
Suddenly, my friend’s offer (which they had accepted, signed and were ready to start a job off of soon), was updated from stock options to RSUs, which significantly reduced the value of the package (my friend had factored in the potential gains to be had if an IPO was to happen in the next 1-2 years, which was necessary to convince them to accept because it meant them moving from a nice FAANG job with a lot of appreciation gains to a pre-IPO startup without a widely known go-to-market plan).
Now my friends doesn’t know what to do because they announced their departure from their old job but the offer they were given is no longer worth the jump. WTF, Nextdoor?
I understand going forward post announcement to offer RSUs but that was an offer already made, signed and coming up.
Edit: Many of you made comments about this being a post about myself, my girlfriend and all other sorts of assumptions. Sorry to disappoint but it is, in fact, a post about a friend and no, she is not my romantic girlfriend but she is my girl friend nonetheless :)).
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comments
Did they provide justification?
Companies full of developers who planned on moving on in under a year would explain a lot...
Your friend received a job offer. A reasonable person would expect that he or she would be able to start the job with the compensation as outlined in the job offer, or an equivalent alternative.
This job offer induced your friend to quit his or her job. In quitting the job, your friend relied on the promises as outlined in the job offer to his or her detriment. As mentioned before, the reliance was reasonable.
This sounds like an estoppel case, assuming something could not be worked out with HR.
I’d pursue it, these things are very common and the employee does have rights.
It’s not even that big of a deal - most companies state in the offer letter that you should have your attorney review it. So you had your attorney review the revised offer and they found a problem. Not a big deal - the lawyer does their thing and most of the time you’ll probably get the issue resolved right there.
Big hint- most of time when someone tells you employment is at will and you therefore have no rights, he or she doesn’t know what they are talking about.