Nearly everyone has RSUs, and those originally granted options (1) didn't have to exercise yet and (2) were given the choice to switch options to RSUs back when the company switched the offers. I don't know of anybody who's in the red, and I can't imagine anyone decided to exercise at $29/share during the lockup, because that would have been dumb. Still, employees can't sell until the 15th (insider trading).
I have 4-5 friends who joined snap between 1-2 years back, all are planning to sell everything asap! Since snap offers super lucrative RSUs (> 600k$) for senior eng., they have enough money in unvested equity, that if this thing really goes up, they'll still participate in upside.
Any existing employee with vested stock not selling on 15th is a big mistake. Look at FIT,GPRO, ZNGA etc. all hyped companies trading at a fraction of their IPO
Were employees given rsu or options? Rsu always has a value and the idea that you are somehow underwater if the stock price is less than the grant price is inaccurate. Options can of course be worthless.
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Any existing employee with vested stock not selling on 15th is a big mistake. Look at FIT,GPRO, ZNGA etc. all hyped companies trading at a fraction of their IPO