WhatsApp cofounder Jan Koum announced his departure coming from the Facebook-owned subsidiary in April, nevertheless he’s still employed, reportedly stalling until his remaining stock options vest.
Facebook confirmed to CNBC that will Koum can be still an employee, despite an April Facebook post in which he said the item was time to “move on.”
nevertheless The Wall Street Journal reported Wednesday Koum hasn’t shown up since July in addition to can be instead taking advantage of a practice commonly known in Silicon Valley as “rest in addition to vest” in which executives remain on the payroll in addition to wait for stock options to free up. Koum said his goodbyes back in May nevertheless has yet to fully leave, the newspaper reported.
A Facebook spokesperson said Koum can be employed in addition to working on “various projects in addition to helping transition WhatsApp leadership.”
Facebook bought WhatsApp for $19 billion in 2014, its largest-ever acquisition. Koum’s corresponding employment offer included restricted stock units that has a four-year quarterly vesting period, meaning those options wouldn’t be free until the end of 2018.
Each quarterly payout coming from the stock options has earned Koum inside neighborhood of $400 million, based on variations in Facebook’s stock cost. His last stock award of more than 2 million shares can be set to vest in November, WSJ reported, in addition to would likely be worth roughly $350 million as of Tuesday’s stock cost.
Koum’s planned departure would likely have meant both WhatsApp founders had left Facebook inside years since the sale. The messaging service’s additional founder, Brian Acton, left in 2017.
Read the full story coming from The Wall Street Journal.