Total shit show - worst move of my career. Get the offer and use it to negotiate but don't join. Everyone on Blind said it was overvalued but I liked my team so I joined, what a mistake. Old heads actually hate new joiners, IPO will never happen, cash comp is not competitive, $24B valuation is still too high, WLB is terrible, code base is not good, our CEO has no logistics experience, the president left after 3 months, and the founder was forced out. If you could see our internal Blind you would not sign the offer letter - 60% of people who joined in the last year say they're leaving on their first vest date in May. TC after $24B: $330 Real TC: š„
I second this. I left faang for this shit company. Can't even go back due to personal commitments. Definitely getting the fuck out on my first vest.
There is a bug in the app. It takes a bit long to load the groceries. Can you fix it?
I am not fixing shit. I need to fix the situation that I joined this shitty place
why do you think they will never ipo? or is that hyperbole
It has been "about to happen" for 4 years.
You're so full of it. I've been here since 2019, IPO wasn't even ever talked about until covid. & That's right around the same time all these whiners trying to get in and cash out quick showed up. Just leave already
Can confirm
If IPO never happens, why wait till the first vest?
I'm obviously bad at decision making.
Fomo
Company is junk. Not profitable. Market is bad for them to ipo and recession looming over so they won't even ipo for another couple of years if they want a successful ipo. 24b will be shit in next couple of year and company will go down. This is what happens when employees are not treated fairly. Noone is working with their whole heart to bring the company up or complete the projects. Deadlines are being missed every week. Nothing concrete in pipeline. internationalization was a shit show. Promoting directors to Vps within 6 months months of joining. Not one but multiple. Execs are out of their mind. Only a good acquisition or new management can save this shit place. I will be out by then. On top of all this wlb is terrible. Manager pinging me at night. Insulting me on slack in front of 10 15 people group. What a shit show.
Iām glad Instacart employees are speaking out. Itās useful insight and warnings of bad practice. Tech companies really try to ātrickā talented people into their company for less by using their overvalued valuation (amongst many other bad practices).
This isnāt a helpful comment but everything about the bad timing / recession and current market was obvious. There also isnāt a fundamental technology or platform thatās unique to Instacart. What made you decide to join in the first place??? It seems like a very high risk low reward place.
People got crazy about pre-IPO companies after companies like DoorDash, Coinmart, and Airbnb has blockbuster IPOs.
Damn. I was just happy with the app for saving me many trips to Costco. Hopefully the culture improves!
Unprofitable companies will not achieve their private valuations in the public market. And unless you are within the first 20 employees, you'll never become a millionaire from these companies. What is the pull? Find a slam dunk that will be profitable from seed/series A as there's less dilution in further rounds. But if you get in at a profitable startup as one of the first 20 engineers between 0.5% to 1% equity that's where you make bank. EDIT: Profits of less than 100M for the valuation they have puts them in negative territory. Margins and multipliers are important.
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TC or GTFO