With no sign of a stock market listing or acquisition, Uber’s stock is very much tied up. That’s likely to frustrate many of the company’s early employees who want to capitalise on their share options in the six-year-old business, which is now valued at somewhere in the region $US68 billion (£54 billion).
In a bid to keep loyal staff happy, the San Francisco taxi-hailing company is reportedly allowing long-time employees to sell some of their shares back to the company.
Anyone who has worked at Uber for four years can cash out up to 10% of their shares, according to a Bloomberg report. It’s worth noting that this doesn’t include drivers, who aren’t technically classed as employees.
Of Uber’s 10,000 staff, there are reportedly around 200 employees that qualify for the program, which allows staff to sell up to $US10 million (£8 million) dollars worth of stock, anonymous sources told Bloomberg.
To make sure staff continue to stick around, those that sell their stock options are reportedly paid back over a period of several months and they must stay at Uber during that time.
A surplus of venture capital and private equity funding has allowed companies like Uber and Airbnb to delay an IPO.
But delayed IPOs means that employees at many of today’s fast-growing startups are having to wait longer to capitalise on their share options than they would have if they were working for a booming tech company 10 years ago.
Uber did not immediately respond to Business Insider’s request for comment.
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