Poshmark exit?
How much did you get? I know stock took a huge nose dive since IPO. Founder seems happy with the exit. They are multi millionaire after the exit so I don’t think they need to work anymore. Did employees get lucky?
They were on their way from $97 to pennies and were lucky to have found a buyer. It was pandemic play, and fizzled later. Just remember that the same company bought 80% ebay Korea operations for over $3B last year. Founders will always be better off than employees. I don’t think they got much out of this deal.
No employee I know are happy with this deal as almost half of the engineers are hired after or around IPO. It’s a huge loss for anyone who joined on or after 2019. Lost ~75% or so.
There was very less hiring done for the past 6 months. Also RSUs were given for only 2 years. May be not more than 15 employees or so are benefited.
Majority of employees did not benefit then. Two cents - Poshmark appeared severely overpriced and paying for that premium in this economy was surprising. When was PM going to hit $17 again? Two years or more?
People joined between Jan this year and June before the hiring freeze doubled their stock. Older employees didn’t benefit anything from the acquisition nor the IPO
No, nothing in this deal for employees. The buyer is offering cash per unit of stock that’s barely $1.5 to $2 higher than its current market price (which is already super low compared to IPO). So no real benefit as such. Secondly, employees have not been offered any accelerated vesting. So no significant benefit unless you’re very senior and have a few hundred thousand units of stock already vested (which is highly unlikely). Have two friends in two different teams there. They’re already looking to switch.