Private companies such as Airbnb, Pinterest and SpaceX are increasingly giving employees some controlled opportunities to sell their start-up shares, but in return demanding more explicit restrictions on what employees can and cannot do with their remaining stock.
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Airbnb and Others Set Terms for Employees to Cash Out
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In July, the San Francisco-based company offered employees an opportunity to sell a percentage of their Airbnb stock as part of a deal that let investors buy those shares, according to two people who spoke on the condition of anonymity. In exchange, Airbnb employees had to agree to prohibitions on their remaining stock, including more categorical language that they could not trade or sell the shares, these people said. While Airbnb has long had a blanket restriction preventing workers from selling or transferring shares, it recently detailed these rules point-by-point, these people said.
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