Fired Tumblr Writers Lose Out On Hundreds Of Thousands Of Dollars
When Yahoo announced that it would be buying Tumblr for $1.1 billion, it made a lot of people a lot richer, including CEO David Karp, the company’s 26-year-old founder who stands to get $250 million from the deal. (He never went to college!) But there are some people who are missing out on the windfall, namely, the editorial team that was fired right before the sale.
According to The Atlantic Wire, the company’s 178 employees are all getting something. Those who have been there from the start are getting millions (the first 30 staffers are getting $3.3 million, for example.) Three editorial team members could have gotten $371,000, but they were let go prior to the sale.
The Atlantic Wire makes the point that those staffers worked on a project that only launched last year, so it’s possible it wouldn’t have gotten the stock options to be eligible this kind of a windfall. But the mere fact that it was a possibility is probably making their Memorial Day weekend as gloomy as the New York City weather right now.
VentureBeat offers up five things you should be aware of before deciding to work for a start up. The article notes that three-quarters of start ups fail and the pay isn’t going to be at market value. But there is the off chance that you will be part of a company like Tumblr that takes off and gets mega attention and mega bucks. So if you’re going the start up route, it’s important to take note of the opportunities and the limitations of the business you’re working with. Some of this is fate, which can’t be controlled. But another part of it is being aware of the business you work for, the marketplace, and your passions and contributions to the company. Who knows… what starts as a small operation could turn you into a millionaire.