Title says it all, Mailchimp employees were given no equity as owners promised never to sell. 'I was so mad.' Mailchimp insiders react to employees getting no equity while founders get billions in Intuit deal after they promised never to sell. https://www.businessinsider.com/mailchimp-insiders-react-to-employees-getting-no-equity-2021-9
What did they think was going to happen
Businessinsider is junk mail equivalent with click bait titles. How could they get nothing? Did they have RSUs?
No sympathy. Totally on the employees. Should’ve gone somewhere else if they wanted equity. Presumably they accepted an offer they were happy with at the time
I think this is a pretty harsh criticism. There was no need to worry about equity because it was always understood we would remain private. People had no need to worry about equity because of this understanding. So it’s a bit frustrating that without warning Ben and Dan change their tune and sell and we’re left without any equity. Who could’ve guessed we would sell to fucking Intuit of all companies especially when we’re financially strong? Nobody. Nobody could have foreseen this would happen. Had folks known we would sell, equity would’ve been a HUGE discussion.
If the founders said they won't sell, then they should have signed a document saying they won't sell unless employees approve. You folks got suckered - better admit it and move on so that you don't fall for words again in your life. I can't even begin to comprehend how the founders got away with so much cheating for so long. Why would employees even sign up for a company like that?
I have some sympathy with employees but believing anything other than a contractual/legally binding statement that guarantees this “never to sell” business is stupid. A for profit is a for profit. Treat them as such and watch out for yourself. Don’t make serious life decisions on the basis of some capitalist’s verbal promise. You’ll get screwed.
Paywall. Did they get options but there wasn’t money leftover to pay for common stock? If no stock options or RSUs, then you wouldn’t have equity.
Things change all the time. If they wanted equity should have gone somewhere else.
Do employees of mailchimp now work for Intuit ?
Yeah we will when the deal closes
Yep, the deal closes at the end of January and then we become Intuit employees officially.
Non-paywalled version: https://timesnewsnetwork.com/news/finance/banking/i-was-so-mad-mailchimp-insiders-react-to-employees-getting-no-equity-while-founders-get-billions-in-intuit-deal-after-they-promised-never-to-sell/
Totally on employees, who are trying to get monies out of the deal owners made. Come on you were given salary how does it matter if your company got acquired or not? It's not like you were given equity!!
The employees help to build the company and do the grunt work. This then helps the owner sell said company for a profit. So yeah they should’ve been offered stocks. That trickle down economy BS is not it.
Bro, own it! They were not given equity. So they dont own part of the company. It's like saying if Postmates got acquired they should have given some money as a part of deal to all drivers!! Or If plumber fixed something in your home and later you sell your house then the plumber wants part of the deal!!
Amazing that people continue to fall for this kind of crap. Anyone who buys the "we are all in this together" argument deserves what's coming for them.
Fall for what exactly? Nobody was promised anything and they’re giving people a transaction bonus and equity after close. Total pledged so far is $500M across 1200 employees.
"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."