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Coinbase’s chief product officer will leave with a $105M payday

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Re: Coinbase’s chief product officer will leave with a $105M payday

#151

Post by justinbaker84 »

qeternity wrote: post #25
jxramos wrote: post #17

Earlier quoted context omitted.

What makes you say the value of their contribution is minor? Is there some public basis for that sort of claim to be found elsewhere?

Coinbase is down 88% from all time highs, and slightly less from its IPO. Coinbase has an $11.6b market cap which means he extracted a little under 1% of the entire company’s value in two years.

Yes but if you look at the balance sheet they have about 6 billion in net assets (assets minus liabilities) so the value of the company itself is really more like 5.6 billion. This is a little tricky because company valuation in many cases is a combination of the value of owned assets and the expected value of the actual operations of the company.

So he really extracted more like 2% of the value of the operations of company itself.

Re: Coinbase’s chief product officer will leave with a $105M payday

#153

Post by anamexis »

munk-a wrote: post #140
phillipcarter wrote: post #10

All I can say is, damn, props to him. Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history and delivering so little value in return is the kind of heist we should all aspire towards.

This philosophy of praising exploitation is actually one of the things I liked least about America and one of the things I found most refreshing when I emigrated. It's pervasive through American society that pulling the wool over the eyes of shadowy entities (large corporations, the government etc...) is a virtue but every time it's done it pulls a lot of money out of the hands of people that could use it more and fu…

For what it's worth, I think GP was being sarcastic.

Re: Coinbase’s chief product officer will leave with a $105M payday

#154

Post by lifeinthevoid »

schemescape wrote: post #136

If the majority of this is from selling his stock, and the stock is down 85% since the IPO, how much would he have had if the stock hadn’t tanked? Edit: I missed it the first time, but the article actually answers this: $646 million.

The 105 Mio. figure includes stock sales when the price was still high.

Re: Coinbase’s chief product officer will leave with a $105M payday

#155

Post by jxf »

phillipcarter wrote: post #10

All I can say is, damn, props to him. Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history and delivering so little value in return is the kind of heist we should all aspire towards.

> Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history

The money was primarily generated from stock and options sales, not salary. If anything, it would be institutional investors who financed this. The fact that he happened to be on a Rule 10b5-1 plan further cements this; he didn't even control the timing of the sales.

Re: Coinbase’s chief product officer will leave with a $105M payday

#156

Post by thepasswordis »

HN is so weird when it comes to anything related to crypto.

Guys if you hate “capital”, then maybe stop hanging out on a news website run by and started by a venture capitalists and populated by people who are either participating in or funding startups themselves.

This guy took a compensation package that both he and the company agreed to. He then sold the compensation package.

There’s no scandal here. Good for him.

Re: Coinbase’s chief product officer will leave with a $105M payday

#157

Post by akudha »

munk-a wrote: post #140
phillipcarter wrote: post #10

All I can say is, damn, props to him. Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history and delivering so little value in return is the kind of heist we should all aspire towards.

This philosophy of praising exploitation is actually one of the things I liked least about America and one of the things I found most refreshing when I emigrated. It's pervasive through American society that pulling the wool over the eyes of shadowy entities (large corporations, the government etc...) is a virtue but every time it's done it pulls a lot of money out of the hands of people that could use it more and fu…

This philosophy of praising exploitation

I read that comment as sarcastic. I don't think your parent comment is praising him

Re: Coinbase’s chief product officer will leave with a $105M payday

#158

Post by btown »

htrp wrote: post #134
arcturus17 wrote: post #105

Earlier quoted context omitted.

He's walking with around a sixth of all money raised by the company [1] Might as well treat the execs and all VCs involved to a luxurious "fuck you" dinner! [1] https://www.crunchbase.com/organization/coinbase/company_fin...

all stock sales though.... so techncially your money (if you hold coinbase stock retail)

Yep, the better comparison would be a % of Coinbase's market cap which is $11B. Still, as far as I know, walking away with 1% of your company's market cap is rare for a non-founder hired only 2 years prior.

Re: Coinbase’s chief product officer will leave with a $105M payday

#159

Post by matthewaveryusa »

I'm always intrigued at people's carriers and where exactly the inflection point was. Looking at Surojit's career, it went something like this:

BS in CS at Kharagput, something like a US T2 university

MS in CS at Buffalo, something like a T2 univeristy,

Spend some years at IBM and Oracle as a developer/senior developer 200k/year ?

MIT Sloan MBA T1 world class

PM/Senior PM at Symantec for a year 200-300k/year?

Head of Payment products India at Google, 8 years rising though the ranks 300-500k/year?, did an externship of 2 years at flipkart as SVP

Then back to google as a VP 500-1.5MM/year?

CPO at coinbase made 150 million.

It looks like he moved around, leveraging his title to get senior roles between start-up and well-established companies:

PM at small company to PM at big company,

Head of product at big company to SVP at startup

SVP at startup to VP at big company

VP of big company to C-suite at startup pre-IPO

Most of all, he got in on the crypto gravy train right in time for his options to balloon

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