[mm202018]

I worked at Uber starting in 2015 for 2 years. Not going to give numbers and I have not been following secondary markets but the company was already valued at $70b or so back then and I don’t think there’s been meaningful movement in the valuation since then. Point is people who joined even 4 years ago aren’t exactly making a huge multiple of their initial grant.

Lyft’s IPO bodes well though for Uber stock. We’ll see soon enough!

[jzl]

Good point, but properly priced ISOs should have a discount of about 2/3rd the value of the preferred stock (as determined by the previous Series-* funding round) at the time of grant. So even if the valuation hasn't changed, most peoples' options should still mint a pretty penny if they were priced according to typical practice. I don't know anything about Uber.

For reference, "What’s a Fair 409A Discount?": https://www.sethlevine.com/archives/2018/08/whats-a-fair-409...

[mm202018]

Uber started awarding RSUs at end of 2014

[jzl]

Ohh, right, RSUs. Never been at a pre-IPO company that granted those. So, if I understand correctly, people will be getting the full value of their grant, you're just saying that people won't be getting huge multipliers of their grant. Based on various blog posts from around 2015-2016 I'd guess the average grant for a non-junior engineer was in the $1 million range.