Former BuzzFeed employees hoped for sizable earnings when the company went public, but many are still unable to trade their shares.
that “the investing public may not be getting like protections between traditional IPOs and SPACs” and that “misaligned incentives and conflicts might enrich certain parties at the expense of others.”
On the night of December 7th, after two days of trading, BuzzFeed sent an e-mail to former employees reiterating the need to print and sign the e-mail in order to make the stock conversion. “For context, only yesterday did we learn that holders of Class B shares would have to take additional steps to convert their shares to Class A,” it read. “We wish this information had been provided in Continental’s initial Letters of Transmittal.
An e-mail circulating among former employees this past week raised the question of whether they could have a legal case. “This is rotten and definitely slimey, but I have not figured out if it’s illegal,” a person wrote. When asked whether anything illegal had occurred, Matt Mittenthal, a spokesman for BuzzFeed, said “of course not.” Mittenthall also noted that Peretti is locked out of trading for periods of six months to three years.
Numerous former employees took to Twitter to express their frustration.
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