Stock options. I was working in a startup and got hit with the downsizing axe. Luckily, I thought, I had had been there just long enough to vest in the options. So I bought them on my way out the door, spent like $100 on 200,000 options: they were worthless at the time but if the company ever did go public that small investment would quickly turn into a fortune. Lucky.
Two weeks later I got the legal notice that they reissued options so all non-founder options were cancelled.
Never got my money back - the lawyer fees would have been high and I went in assuming it was a gamble - most likely I’d lose it all with a small chance of a huge win
But that place was a real toxic workplace that I’m glad I left. The other fun thing was the reason I got laid off: not a team player. They asked me to be the first one in so I could do their management so I said ok. Then they asked me to stay last and I said “sure, which do you want. This was a typical startup where everyone works insane hours so there’s really no way anyone could be both first in and last out, but they thought that was not being a team player
Stock options. I was working in a startup and got hit with the downsizing axe. Luckily, I thought, I had had been there just long enough to vest in the options. So I bought them on my way out the door, spent like $100 on 200,000 options: they were worthless at the time but if the company ever did go public that small investment would quickly turn into a fortune. Lucky.
Two weeks later I got the legal notice that they reissued options so all non-founder options were cancelled.
How did you not burn the place down? Were you able to get a refund?
Never got my money back - the lawyer fees would have been high and I went in assuming it was a gamble - most likely I’d lose it all with a small chance of a huge win
But that place was a real toxic workplace that I’m glad I left. The other fun thing was the reason I got laid off: not a team player. They asked me to be the first one in so I could do their management so I said ok. Then they asked me to stay last and I said “sure, which do you want. This was a typical startup where everyone works insane hours so there’s really no way anyone could be both first in and last out, but they thought that was not being a team player