Hi, I work for an early stage self driving startup and as you can imagine I'm having a hard time understanding whether there's a chance my stock will be worth anything. I have question for folks who used to work for Embark, whether or not they joined Applied after the acquisition, since I saw an Aug 2020 "secondary market" entry on Crunchbase. Was this an option to sell any existing stock? How did the price compare to the strike price? Were any early employees able to cash out even a bit? Same question would also apply to any Aurora folks around. I would be very grateful for any data. Thank you! TC: $180k + monopoly money YOE: 6 #tech #embark #embarktrucks #options #selfdriving #aurora #automotive
Embark went down 98 to 99%. Unless you were among those that joined super early, the stock options had negative value (strike price above current market price). Sometime around the SPAC Embark switched to RSUs, and some folks who happened to join at just the right time actually lucked out on that and ended up with more money than those who joined earlier.
Thank you for the reply! I guess my question was about whether anyone (e.g. early joiners) had the option to sell anything on a secondary before the SPAC.
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Aurora switched to RSUs for new hires quite a while before going public, so yes, most employees could cash out. There might be a weird spot for hires around mid 2019 who’d have options that have zero intrinsic value, but they’d also have RSUs later on. Earlier employees than that are “above water” on options.