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What happened to SF? This place sucks!
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India elections - Have we all committed blasphemy?
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So when are all the modi bhakts moving back to india?
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True hatred will be on display today on Blind
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Who was responsible for BJP not getting 272+ seats?
Got an offer from a Series C startup with current valuation of 1.2 billion with share price at $27, company raised ~400m so far Apple (Current): ICT5 making ~$460k, total yoe:12 Series C Offer: Principal Engineer, hiring manager said might need to manage 5 direct reports. Base:260k Options: 40k options , strike price ~$5.5, current preferred price:~$27, so that’s ~0.09% of the total shares ?
F**k startups Ict5 at Apple is a great place to be with that yoe Don't even think about this move
It's 40k*21.5 for your equity - you only get the diff btw the strike and the price. So that offer isn't much more for a lot of illiquidity risk. Also, options suck for a couple reasons - when you leave you'll have to exercise and get immediately stuck with both the exercise cost (unless they do a cashless exchange) and gains on the phantom income (assuming it isn't a liquidity event). Can they give you RSUs? Otherwise it isn't compelling from a comp standpoint (tho I fully understand wanting a path out of IC5 at Apple).
rsu is worse for ipo. tax is diff between strike and valuation when you buy. not strike and price you sell. i made more money through 1 ipo working 2 years at a company with options than i have my 10+ year career. you can make f h money with startups never at apple. that's why when i got bored at apple i told them to fuck off and am taking 6 months off. i don't have to find another job or worry about cash.
Dude - did this professionally for over a decade and you got all your finance stuff wrong. Double trigger RSUs have no taxable income. And yeah, the tax on the option is on the full taxable gain (they were granted, so basis is zero). Glad you made money, but that doesn’t mean you know what you’re talking about here.
When did they raise last round? If before 2023,, the valuation needs to be cut in half. Are they in hot spaces and raised within last year? If both true, worth a try. Otherwise no-go.
Yes and raised most of the money in 2023
I would never ever let go of a structured and well-established environment like Apple for something else with a lot of unknowns going forwards but that’s just me
More fun though
“structures and well-established environment” I can’t disagree more
What do you mean by “so that’s”? The previous data does not allow you to infer the percentage of total shares. I would say this is far too low. You’re basically halving your salary. What for?
Stay at Apple
Stay at apple. It's shit in startup. I regret moving
Well, but Sourcegraph… might have something to do with it.
Enjoy the rsu and stay put. The risk premium isn't worth it.
How long have you been at Apple ? What is the value of your unvested stocks that you would be leaving on the table ? Which firms are backing the start up and which space is it in ?
Dont do it. The likelihood of a series c having an exit event that results in a cash payout is less than 10:1
Startups that go ipo … may also reverse split before they go ipo. It happened with me. Good luck.
what does reverse split mean
Reverse split is the wrong term here. Basically he’s trying to say they issue more shares and you get diluted. Maybe because of liquidation preferences given to VCs or issuance of convertible bonds. I worked at a startup once where the company sold for like 10% more than it raised in total. All the preferred shares paid out at par and the remaining 10% was split among common stock. It was basically a 5x cram down from the previous raise’s share price