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Ian Chan Profile picture
Ian Chan
@chanian
Head of Engineering @Compound - Prev @BranchMetrics, @Twitter. Primarily pictures of food, stock charts and poker chips. 🇨🇦
Oct 18, 2019 • 5 tweets • 2 min read
WeWork: 90sDotCom Bubble Level Bankruptcies
A stark reminder of the startup stock gambit, and absurdities of (modern) AMT.

Let's look at a hypothetical of how bad this outcome could be for an early employee:
businessinsider.com/wework-valuati… Scenario:
- New grad, joins in 2013, offered 5bp (0.005%) equity @ then $440MM valuation
- Leaves company in early 2019 after 5+ years of dutiful service
- Must decide to exercise (or not), but upcoming IPO announcement reduces risk
- 2019 IRS [FORM 3921] values @ whopping $47B