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Leaked SpaceX documents show company forbids employees to sell stock if it deems they've misbehaved
TechCrunch
·
1y ago
Medial
Internal documents leaked from SpaceX reveal unusual terms and restrictions placed on employees' stock awards. The company has the right to repurchase vested shares within six months of an employee leaving the company for any reason. SpaceX can also ban employees from participating in tender offers if they are deemed to have committed an act of dishonesty or violated company policies. This can leave employees unable to sell their stock until SpaceX goes public, with no guarantee of when that will happen. However, such terms are not uncommon at startups and private companies.
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Related News
Internal SpaceX documents show the sweet stock deals offered to investors like a16z, Gigafund | TechCrunch
TechCrunch
·
7m ago
Medial
Internal SpaceX documents reveal discounted stock deals for investors like a16z, Gigafund, and others in a May 2022 tender offer. Employees could sell shares at $70 each, much lower than the $270 primary round price, due to common vs. preferred stock differences. Major investors, many close to Elon Musk, include Andreessen Horowitz, Aliya Capital Partners, and Gigafund. The document highlights significant investor perks, including early payouts and liquidation preferences.
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Musk denies report of SpaceX's share sale at $200 bn valuation
Money Control
·
1y ago
Medial
SpaceX is planning a tender offer, a transaction that allows employees and other insiders to sell shares, that could value the company at around $200 billion, Bloomberg reported. "SpaceX has no need for additional capital and will actually be buying back shares. We do liquidity rounds for employees and investors every...six months," CEO Elon Musk said denying the report.
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SpaceX plans tender offer at $210 billion valuation: Report
Inshorts
·
1y ago
Medial
Elon Musk's SpaceX is planning a tender offer, a transaction that allows employees and investors to sell shares, that values the firm at roughly $210 billion valuation, Bloomberg reported. SpaceX has reportedly decided to price the offer at a higher valuation due to significant demand. Musk last month denied a similar report, saying, "SpaceX has no need for additional capital."
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SpaceX weighs tender offer at roughly $350 billion valuation
Economic Times
·
8m ago
Medial
SpaceX is reportedly in discussions to sell insider shares, potentially raising the value of the company to around $350 billion. This would make SpaceX the most valuable private startup in the world and put it on par with some of the largest publicly traded companies. The discussions are ongoing, and the details of the potential transaction could change. The sale of insider shares would provide liquidity for employees and early shareholders and comes as Elon Musk's wealth continues to grow.
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SpaceX can block workers from stock sale over 'dishonesty': Report
Inshorts
·
1y ago
Medial
Elon Musk's SpaceX can stop former or current employees from selling shares if deemed to have committed "an act of dishonesty against the company", TechCrunch reported. The company can also buy back the vested shares within a six-month period after an employee quits, the report added. Employees often aren't aware of the 'dishonesty' condition initially, one former employee said.
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Leaked images reveal Microsoft’s white disc-less Xbox Series X console
The Verge
·
1y ago
Medial
Microsoft is reportedly working on a white version of its Xbox Series X console, which will be a disc-less system. Leaked images show that the white Xbox Series X will have the same exterior design as the existing black console and will feature upgraded internal components such as a modified heatsink for improved cooling. Reports suggest that this white version could be released in June or July, possibly for a lower price than the current retail price of $499. This release, if it happens, may indicate that Microsoft has postponed or canceled the previously leaked cylindrical design refresh of the Xbox Series X.
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Shower of stock options? Your startup may be headed for an IPO
Livemint
·
1y ago
Medial
A Deloitte study found that 54% of Indian companies that went public in the last three fiscal years introduced long-term incentives (LTIs) in the form of stock options for key executives. These LTIs were typically offered four years before the initial public offering to retain and motivate executives. The study also identified three types of pre-IPO LTI practices: tech startups granting stock to employees since inception, private equity-backed companies using stock grants for successful listings, and promoter-backed companies giving stock grants close to filing IPO documents. The trend of offering stock options to employees is expected to continue, especially in the tech sector.
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Byju’s employees rush to file claims for their unpaid salaries as deadline nears
Livemint
·
1y ago
Medial
Byju's employees are rushing to claim unpaid salaries and benefits after the edtech company was declared bankrupt and admitted to insolvency. With a deadline of July 31st, employees have hired legal professionals to help them recover their dues. Byju's founder and CEO, Byju Raveendran, has been unsuccessful in his attempts to overturn the insolvency order through appeals. Employees must file their claims individually or as a group with supporting documents, and if Byju's goes into liquidation, former employees who have filed claims are expected to recover their money as workmen compensation.
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Facebook snooped on users' Snapchat traffic in secret project, documents reveal
TechCrunch
·
1y ago
Medial
Facebook launched "Project Ghostbusters" in 2016, aimed at intercepting and decrypting network traffic between Snapchat users and its servers to gain insights and compete with the platform. Newly unsealed court documents reveal how Facebook tried to gain a competitive advantage over Snapchat, later extending it to Amazon and YouTube. Facebook used its acquired VPN-like service, Onavo, to bypass encryption and access users' web activity. The documents also show internal emails discussing the project, with some employees expressing concern about the privacy implications. A class action lawsuit was filed against Facebook in 2020, alleging deceptive data collection practices.
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Personal data of nearly 8 million Angel One customers leaked online
Economic Times
·
1y ago
Medial
Around 7.9 million users' personally identifiable information (PII) data, including names, addresses, contact numbers, and bank account details, belonging to customers of Mumbai-based stock broking firm Angel One, was leaked in an online hacker portal. The breach, which occurred in 2023, also included access to customers' stock holdings and profit and loss statements. It is unclear if there was a ransomware demand, as the data dump is a year and a half old. The breach raises concerns about potential spamming and scams using the exposed personal information. Angel One is the third-largest stock broking company in India.
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