September 17, 2021

Mailchimp Exited and Black Twitter Reacted – Here’s What Happened

Black Tech Twitter started an interesting debate earlier this week after speculations spread that Mailchimp employees may not have been adequately compensated with stock after the company’s exit.

Prominent Black figures in the tech world, including legend Arlan Hamilton and founder and investor Jewel Burks Solomon joined the stage and shared their concerns.

Ms. Solomon, said: “I do really hope Mailchimp employees are taken care of in the deal. Would be huge for Atlanta for that cash to be well distributed.”

Her tweet soon got the attention of quite a few people – some who had already been tweeting about it and that’s when the discussion started.

Are they or are they not getting properly compensated.

One social media user said: “Let’s see how it goes. $10B for the Founders/Execs isn’t really any different from $12B. But that money going around could be life-changing for employees.”

While another, an aspiring tech engineer, jumped in, saying: “Would love to see them take care of their employees.”

Thankfully its CEO, Ben Chestnut, stepped in and made it clear that every employee will receive a cash transaction bonus from Mailchimp in addition to RSUs granted by Intuit when they close.

Mr. Chestnut also shared that the team at Mailchimp has long had a profit-sharing program, contributing the max 25% into our employees’ 401Ks annually since 2012.

He said: “As a private company without plans to sell for many years, we opted for immediate payouts. With this transaction, employees will receive both equity and cash bonuses.”

Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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