Matt may think he’s the most innovative and generous CEO of all time, but let me provide some additional information.
Employees at Automattic generally receive subpar compensation:
- Base salaries are much lower than most tech companies
- No yearly bonus or company stock
As a theoretical example: Let’s say companies in your area normally pay 100k base salary + 10% cash annual bonus + 10% in stock. At Automattic you can look forward to earning 80K base salary + 0 bonus + 0 stock. Revolutionary!
If after all that you’re an employee with extra cash laying around, Automattic will gladly take it off your hands in exchange for “special” A12 stock. These shares are extra special because:
- The shares have no rights to proceeds from acquisitions
- The buy-back value is not tied to market prices
- You agree not to sue if the plan is terminated
I genuinely hope Automatticians with A12 stock get an excellent payout for their investment. But my experience is that Matt’s definition of fair and generous is… interesting.