Just got off company announcement, here are the key details:<p><pre><code> - the departure affected 10% of the company
</code></pre>
The benefits include:<p><pre><code> - 2.5 months of severance, plus one week for every year of tenure
- 3 months of health insurance
- 1 year cliff for RSUs waived for new employees. In cases where employees did not get equity, they get a lump sum payout
- Visa holders get one 30-minute paid consultation with an immigration attorney
- Voluntary self departures accepted until 12PM tomorrow, but self-departures only get 2.5 months (tenure not factored in severance)</code></pre>
According to Blind the CTO was also fired and is being sued by the company<p>> eShares Inc. d/b/a Carta Inc. filed a breach-of-contract and trade secrets lawsuit against former CTO Jerry O. Talton III on Friday in New York Southern District Court. The suit, brought by Dechert, accuses the defendant of leaking private, privileged and confidential info to outside parties in order to induce and assist legal claims against the company. Counsel have not yet appeared for the defendant. The case is 1:22-cv-10987, eShares Inc. v. Talton.<p><a href="https://www.law.com/radar/card/eshares-inc-v-talton-iii-47321855-0/" rel="nofollow">https://www.law.com/radar/card/eshares-inc-v-talton-iii-4732...</a>
I always wondered how American companies lay off European employees (when the companies have branches in European countries). Usually, in Europe, you cannot just fire someone without a justified reason (and no, saving costs is not a justified reason). Such reason are usually: the employee did something illegal (data leaks, sell internal information, etc.) or something related to harassing other employees. Even with bad performance, they cannot just fire you without first giving you the option to "recover".<p>I don't know Carta at all, but if they had an European branch and if I were an European employee that is being told "you're fired", well, they will have a really hard time doing it.
I find it strange that the incentives for self-departure are weaker than for non-voluntary departure. Usually it's the other way around, or maybe just where I come from. What's the logic behind incentivising people to not quit?
One of the founder's listed is Manu Kumar who has one of the longest Linkedin profile I've come across:<p><a href="https://www.linkedin.com/in/sneaker" rel="nofollow">https://www.linkedin.com/in/sneaker</a>
Liquifi ("Carta for crypto"), is hiring across all roles. Liquifi helps companies automate their token vest plans & also manage their token cap tables. We're actively hiring & would love to chat with anyone that was affected by these layoffs.<p>If interested, feel free to apply via our website at: <a href="https://www.liquifi.finance/" rel="nofollow">https://www.liquifi.finance/</a><p>Or reach out to me directly at oliver@liqufi.finance
For the RSUs. Is there a buy-back program for shares? Taxes on these far out weigh the benefit. Carta with $150m of revenue is not worth over $1B and is closer to $500m if it went public right now. Use other fintechs that went public for comparison like Robinhood, Coinbase, Toast etc.
Carta always talks about how it imagines itself as a sports team. When the team is doing badly, don't they usually fire the head coach? I guess they aren't willing to take the analogy that far, they just like the bit about expecting everyone to be a superstar.
It would be interesting to see the uptake on the last bullet point, ie the percentage of people who didn't get laid off but took a voluntary severance
Another day, another downsizing. The warning signs were right in front of you: [0]<p>And now everyone and including their cats and dogs are all talking about a 'recession'. You're too late, it has already happened and it is lagging behind and taking effect. Should have prepared for that in November 2021.<p>You were warned.<p>[0] <a href="https://news.ycombinator.com/item?id=29508238" rel="nofollow">https://news.ycombinator.com/item?id=29508238</a>