Earlier today, we reported that several top employees – a couple directors and a famous engineer – have quit the company in recent weeks.
We’ve also heard that a number of more typically rank and file employees left in the past few weeks.
A reader reached out to us to explain his theory as to why. Short version: Money.
We thought it was an interesting enough explanation.
We’ve added emphasis with bolded type:
I know a lot of Facebook early employees and I only know of one still with the company. Everyone had stayed a long time past their four year vesting until last year.
Two things happened.
First, the company became way overvalued relative to recent super successful companies (Google), so everyone is bailing to sell high.
Second, a lot of idiot middle management has been hired and highly technical people just won’t stay around to work for those kinds of people. Especially when there is a $20M to $200M payday window today, that might close out if they stay all the way through the IPO and the six month lockup period.