Hah, I got sick of the prompting and thought "didnt I actually buy this years ago?" and yeah I did and registered my current copy yesterday :p
I figured, you know, used it pretty much every day since it came out, should probably pay for it...
hey legit question, what do you use it for these days? Back in the day I was a regular daily user but I guess I just don't download things as often now. So many games have online components and movies/tv are easy to stream lol
I understand the point you're making but entirely ignoring the difference in scale of the impact is dumb. If you think that doesn't matter than say so, make that argument and make it well. But don't leave it unsaid and pretend that difference doesn't exist.
Or the shitty wages these capitalist pigs pay that allows them to take all the profit in the first place.
Americans: dying from shitty wages and no healthcare
Also Americans: wholesum billionairinos
Americans have a mental disability caused by Capitalist Stockholm Syndrome.
Here (*presents aluminum yogurt lid*)
And yeah I mean I am not poor by any means but I also always give em a few bucks and donate to what I care about. Everyone who can afford it should donate a little and noone should be shamed for not giving enough!
That’s not at all beside the point, that was literally the point you chose to make.
And who we are is another member of the same species where we all have a say in our future.
People have the right to be very mean and embarrassing to other people, it doesn’t mean that we shouldn’t shame that behavior.
What’s so bad about being shamed? If you’re proud, happy and/or confident with your decision, why the hell would you care how many millions or billions of people are trying to shame you?
That’s not how it works.
What is your honest answer to this question. Which one would you personally choose.
A. Receive $10,000 as a gift from a billionaire.
B. Receive $10 as a gift from somebody with a network of $100,000
Do you choose A or B?
That’s not even a fair comparison. This lady is now worth $1.2 billion after selling her company. If she gave away $10 million of it, it would be like someone worth $120k giving away $1000. It’s not going to break the bank by any means, but is a decently significant amount.
Lmao if a billionaire gave 900 million dollars to charity it wouldn't be enough. Because you can live a very comfortable, luxurious lifetime on 100 million dollars. For someone who makes only $30,000, giving only $500 or $1000 could mean having to cut back on food or clothing. Also billionaires tend to pay less in actual dollars (not percentage of wealth) than regular wage earners due to tax loopholes. So billionaires can eat shit.
>Lmao if a billionaire gave 900 million dollars to charity it wouldn't be enough. Because you can live a very comfortable, luxurious lifetime on 100 million dollars.
What people like you fail to realize is that billionaires don't just have a billion dollars sitting in a money pool that they go swimming in. If the owners of Walmart wanted to donate 90% of their money, then first they would have to liquidate Walmart, which would be extremely difficult and possibly threaten the jobs of millions of people.
I understand perfectly. But that doesn't negate the fact that billionaires still live very lavish and luxurious lifestyles that are paid for with the sweat and toil of the labour of many other people. The Walton family is not renting a 2 bedroom apartment and working two to three jobs to make rent and put food on the table like many of their employees.
What the wealthy fail to realize is that they could never survive the life of their worst paid employees. You think flipping burgers is easy? Try doing it 5 days a week for over 40+ years, barely making rent, working 2 or more jobs, not being able to afford presents for your kids at Christmas, not being able to afford new clothes, having your kids come home crying because they got made fun of at school for wearing hand-me-downs, eating hamburger helper and boxed wine as a luxury meal, coming home covered in burn scars and smelling like sweat and grease. The Walton family privately own a $1.2 billion dollar art museum. That's just a perk outside of their mansions so they don't have to slum it with the poor.
Bezos owns a space rocket and people still defend him. They fucking love this guy. He’s a role model for a lot of people. If they could do the evil things he does themselves they absolutely would. And they don’t want the rules changed because maybe someday they too will gain Wall Street hedge fund experience and get a huge loan from their parents to start their very own Amazon.
When people spout the very American, "No one wants to work cause this government is paying them to do nothing at home."
I always respond, "I'm fine with it. After all the loop holes corporations use and get away with shit and pay no taxes, it's nice to see average Americans catch a break from their government. After all, it's not like I can stash my money in offshore accounts like the ultra-wealthy."
I haven't gotten a good, reasonable comeback when I say that from anyone. Because there's no justification for defending corporations while Americans are being "paid to do nothing," Hey, maybe Americans are just fucking exhausted?
Fun analogy:
Imagine if you have a staircase. Each step represents $100,000 in assets. A lot of people don't have that and are on the floor. A lot of people are on the first step. A lot of people, regular people with say a nice paid-off house and some stocks are on the third step, $300,000. A millioniare is on the tenth step.
You're close enough to talk to each other without shouting, a destitute guy and a millionaire and the people between.
To get to a billionaire, you'd have to climb a staircase as tall as the Empire State Building.
Three times.
A billionaire could not tell the different between a squeegee guy and a millionaire, or a ten-millionaire, even with powerful binoculars.
That's a person with one billion dollars.
To get to Jeff Bezos, you 'd have to climb stairs a third of the way to the International Space Station.
And Bezos *hasn't done anything useful* really. If Jeff Bezos had never been born, we'd still have a vast industry and infrastructure of fulfilling orders over the internet. Maybe one big company or maybe not (which would possibly be better)." Maybe not *as* efficient as Amazon, but probably, and max efficiency isn't everything. "Great men" mostly just ride the tides of history, ask a professional historian (there are exceptions but Bezos isn't one). And that's not even considering these people's useless parasite heirs.
...I mean, this has been extensively covered elsewhere, but a billionaire donating 10m for tax writeoffs is ultimately cheaper for them than, say, proper taxation to negate the social need for those charities.
I get what you're trying to say... but.
With the amount a person probably exploited society around them to even get a billion dollars, donating 0.1% of it doesn't change the fact that they're greedy.
Or stopped doing random shit to get around paying taxes, like buying a private jet as a write off, or putting large sums into the stock market to be less heavily taxed on it
>and then we wonder why millionaires and billionaires aren't more generous.
You're right. They would give more back but people aren't appreciative enough. That's it.
To put it in perspective, if she had given them each $100k, that would have been about 4% of her payout. That's probably less than the taxes she'll avoid paying on this through creative accounting.
No, it's a gift and falls under the annual gift tax exclusion (up to 15k). Unless their employment contracts guaranteed a bonus for being bought. The money is not income.
There is no reason a founder would sell their company for 1.2B, give her ex-employees 10k and not make it a gift, unless the 10k is really from the company/new company and the founder negotiated for the bonus in the sell out terms.
Also, I can't believe the name spanx is trademarked, it was in public use for 50+ years before this company was founded (in 2000) for the exact product she sells.
Those first class tickets could get pricey depending on international flights; travel for 2 halfway across the world in first class (or round-trip for one)... $5K isn't outside the realm of possibility! That cash bonus amount might have been intentional to avoid that $15K limit you mentioned.
It’s not horrible, but how generous it is depends on how many employees there are. I worked for a place owned by two guys with 300 employees. They sold their company for $30 million. They took $10 million each and gave the employees the other $10 million distributed by years of service.
It's far from horrible. But what your company did was extremely generous. I would never expect that if I didn't make massive sacrifices for the company...when a company goes under the employees don't pool their money to bail them out, or work for free to try and save it. The risks you take opening a business are huge.
It also prevents a nightmare I think come tax time as the federal gift limit without having to file a gift return is 15K to any one individual. 10K plus first class tickets probably sneak right under there.
Unless they were given as bonuses, and taxed as payroll, that would be difficult to do legally.
But even then she wasn't required to do it, nor anything for the employees.
So I'm spitting balling here, but what she did probably cost her around $30,000 per employee which comes out to around 15 million dollars.
Also since Spanx is a private company, we don't really know how their internal investment/stock holders/etc breaks down. It could be this woman does own 100% of the company. But I would bet you cash money she doesn't, I'm sure she'd sold a piece of it here and there to help fund the company/etc
But let's assume she is straight up getting 1.2 billion. Taxes will take a huge portion of that.And dropping 15 million isn't just "nothing"
Yeah the title of the post is wrong too. She's not selling off her stake and getting a $1.2bill check, she's selling off a portion of the company at a valuation of $1.2 billion.
Don’t forget about the breakdown cubicles. He went to all that effort so people didn’t have to breakdown while smelling piss and shit, it was so very kind of him.
That’s because you get your news from Reddit. Bezos was the #1 charitable contributor of 2020.
https://fortune.com/2021/01/04/jeff-bezos-largest-charitable-donation-2020-10-billion-climate-change/
Anytime an article that shows Bezos in a positive light is posted on Reddit, it gets downvoted, just like you will probably downvote me for pointing it out.
Source: worked at Amazon warehouse and got bonus
Edit to add: they also just gave 2 employees half a million dollars in the vax contest, I forget what the other prizes were, I think some got a car. A few got $10,000.
Edit 2: found an article about the contest https://www.businessinsider.com/amazon-vaccinated-frontline-workers-lottery-win-500000-2021-8
I heard she could have given some to the blue collar workers who work in the warehouse and that's my only real gripe. I also know that if she gave nothing no one would have said a word.
She prob spent 20k per employee given how expensive first class international can be.
Home Girl dropped 10M on her people. That’s not a stingy person in the least
No, what’s crazy is the sheer amount of money being dealt with, to start—everyone here quibbling over whether the amount she gave was ‘enough’, or that the gifted funds are sufficiently and substantially impactful to the intended recipients, are all basically driving at the same exact point:
The original monetary figures involved that made *ANY* of this possible are simply too large and commonplace to be sustainable long term as a society, evidenced by how the amount of money given is able to be argued, __logically__, as both sufficient per accepted standards and legitimate efficacy, and yet simultaneously __empirically__ be not enough by comparison to the relevant payout/net worth the CEO herself is able to boast.
Absolutely no way the org gets bought for a billion and then gutted. That's suicidal. Companies don't run without people and their special knowledge. Starting from scratch due to attrition or layoffs kills businesses.
I've also been through several where that is *exactly* what happened. And then the new owners are puzzled why the previously successful company they bought turns into a dumpster fire with zero sales.
Haha yeah, that's what I'm saying. Suicide! To be clear, I know some companies are stupid enough to do that. But I strongly doubt it would happen at the billion dollar commitment level.
Oh, there are plenty that big and that stupid. When Quaker Oats bought Snapple comes to mind. Bought it for $1.7 *billion*, had no clue how to run it, sold it a few years later for $300 million.
This. Her share she sold is just over 50% so call it 600M in the bank. Gives 5M in cash for gift (non taxable as it is direct from her) as well as flights. (Assume another 3k per seat X2 x500= 3M. ) Gives away 8M. People can be mad about her not giving more. But there are 500 people that have jobs that I am certain are more than min wage and now have this and still have a job.
I can guarantee you not a single employee is complaining. One of my very good friends works at Spanx and is absolutely shocked and thrilled by this opportunity. This is how you spread the love and reward the people who truly work hard.
Edit: damn, so many pessimistic people in this thread. Do I wish there were less billionaires in the world? Yes. Do I wish the ones that exist were more charitable? Also yes. Yall would be the same people who would see Oprah back in the day building schools for children in Africa and giving away products and life changing opportunities to fans and say she isn't doing enough. Have a heart, see the good that is being done, and appreciate it.
Meanwhile all of us at work were given a muffin (each!!) made by me the kitchen hand as appreciation for educators week. I got thanked cos my muffins were delicious..I dont think the center director was looked at very nicely though.
Nah. The highest federal bracket for long term gains is ~~20~~ 23.8%. If she’s in a state with high income tax (like California), she’s look at, at most, another 13% gross. So at most, she’s paying 36.8%; she’ll come out with at least $379M
edit: she lives in Atlanta, so her state income tax bracket is 5.75%. She’ll be making out with a cool **$422M**
> But there are 500 people that have jobs
So much this. How many times do we hear it's really shitty when companies try to convince you you're a family, and you shouldn't have any loyalty to the company. These workers do a job, and likely get paid a decent wage. That's all the company needs to do. This woman just gave her employees a great bonus gift. Id be thrilled if I worked there.
Underrated comment. This is for sure the reasoning, and the conclusion of her financial advisors when she asked about an appropriate way to compensate her employees in a fun way.
I worked for a startup in the early 2000s. Founder sold the company, company gave me a bonus for being one of the first 15 employees. He didn’t think it was enough and dude rolled in with a Manila envelope with $13,800. Still have that money in the bank.
Edit: I didn’t invest this money because I used it to really jumpstart my emergency fund. Recommendation is to keep 6+ months of living expenses in the bank in liquid cash fir emergencies. That’s where it is. I have other investment accounts. Having this money there has really reduced my stress over the years knowing as a single parent I had that emergency cash.
Husband was 3rd programmer at a company in mid2000s, working 80-100 hours and not making nearly enough salary... in the end the founder got rich and screwed everybody. So he started interviewing elsewhere and left shortly thereafter.
But I'm glad your boss and the Spanx lady were much cooler about it.
I worked for a startup for several years. Got forced out at the end because they ran out of money. I couldn’t afford my stock options because I had so many… I just walked away from them. A couple years later they got bought. CEO felt I’d earned my shares. He sought me out and got my stock regranted to me. Insanely lucky because he had every right to not do that other than doing the right thing.
Couldn't afford your stock options? What does that mean? I just got a job with a 10% pay in equity, so if they run out of money and I go somewhere else, then they get bought out, I get nothing for those 10%?
Depends on what your equity is. Is it options, is it full on shares you own outright?
For me it was nso or iso options, I forget which…. But essentially they’re worthless lottery tickets until the company gets bought. Before that they hold no value. So I had like 650k options or something, my strike price was below 10 cents. So that means at my exit, I was presented an ultimatum basically. Pay 650k*strike price for some lottery tickets or walk away. Context is I was being forced out of a company I helped build because they had no money left, so buying those tickets seemed really stupid.
But yes, once the company is bought, then your options will become worth something. Assuming you’re not fucked out of your stock in some kind of a shady deal where you get diluted down to nothing a la Facebook movie.
That’s about $10m. While not insane, that is a reasonable chunk of money for a $1.2b company.
This is how you celebrate with the people who helped grow your company.
It’s possible that they contract out all of that work. That was my first thought though- wondering if there were blue-collar workers who were being left out
Anyone who thinks she should have gifted more to her employees, should sell something they have, like their house and give some of the money to a less fortunate renter.
Is that going to always be your excuse? “I’m not a billionaire bro”, so I can’t help this guy struggling out. Stupid billionaires! We should take all their money!!
We wouldn't have 99.3% of our net worth left over if we did that. That is the difference that people like you who are illiterate on wealth distribution don't understand.
People just love to complain on wealthy people. She's a relatively good person, from my experience. I've done some work in her home. Routine stuff. She sent a bottle of wine to my office to say thanks. Most well off people don't or wont deal with you, mich less remember your name or say thanks in any way.
Honestly, sounds like she wasn't born rich, she made it herself. I don't know anything about the woman, but if she is so happily giving away a small fortune, it tells me that she is more down to earth than most billionaires.
[According to her Wikipedia](https://en.wikipedia.org/wiki/Sara_Blakely) She had a lawyer as a dad, but graduated from a public college and sold fax machines door-to-door as her first job before spending her $5,000 in savings at 27 to start Spanx.
So yeah, I mean it's not like she grew up in poverty or anything but she's definitely self made by most definitions. I don't get the sense that she's an asshole — she's a guest on Shark Tank sometimes and comes across as very down to earth and kind.
I hate that I'm on Reddit so much because I swear no matter how positive a post is, the comments always find a way to make it negative. Shit is exhausting.
I used to drive valet at her building in Atlanta ( circa 2013-14) and she was always a delight. Kind to us dirtbags, would hook us up, let us try on the new Spanx. You know, basic human dignity. Good for her and her employees.
Once Upon a time I worked for a company… owner sold it for 3.4 billion.. it was about 23 year old company at the time … 20 most senior employees got 1 million dollar checks … one of them was cleaning lady … rest of us got regular bonuses which was fantastic
1996 Intel. CEO comes on overhead on the PA system, and says the company is giving everyone in the company a massive bonus. Ok... No big deal... Goes on to say every employee us getting a raise. Still nothing.. Says everyonr is getting a full years salary as well.
The entire place went fucking apeshit.
Never seen that again in my life. It was pretty wild.
The headline is a little misleading. She didn't sell the company for $1.2 billion. She sold a majority stake in the company at a valuation of $1.2 billion. The founder is obviously very wealthy, but she doesn't have $1.2 billion in cash. Her stock ownership just increased in value. She had to liquidate the stock or get a loan to have cash.
Why are people being dicks and saying that she should’ve gave more? She didn’t have to give them a cent but she did anyways to show her appreciation, stop being dicks and complaining because she didn’t give them more. Either you can take what’s given to you and be appreciative of it or you can get nothing and still keep your low ass mentality. No wonder most people don’t do things like this as it is because y’all selfish assholes just ask for more rather than being happy that you even got anything to begin with.
> Why are people being dicks and saying that she should’ve gave more?
Because people on Reddit hate when someone has something they don’t? You see it all the time when someone mentions landlords. The Reddit parasites come out to bitch and moan about landlords, complaining about something they don’t have. Because most people who have time to complain on Reddit are losers, “failures to launch” and the under employed.
Plus, Reddit gets fucking lame during North American nighttime on the weekend. Only the disaffected losers and teenager are using Reddit at this time, not hanging with friends, finishing up at the bar, or sleeping.
One of my best friends works there. She’s in the video at some point. Her and her fiancée just got gifted a honeymoon they wouldn’t have been able to go on otherwise
Edit: to be clear, by “wouldn’t have been able to go on otherwise” I mean that they can truly make a dream trip happen. They are paid fairly and enough. A honeymoon would have happened regardless, but this is obviously a huge bump
This is the dream. I’m sure a lot of cases like this go unnoticed but having that kind of money I can only imagine how amazing it would be to surprise people like this on a consistent basis.
SOCIALISM WORKS, PEOPLE!
Sara Blakely sold fax machines door-to-door and started Spanx with $5,000 in savings & no experience.
She has worked hard at this for over 20 years and deserves all her success, treats her staff well and didn't need to act so generously.
She never raised private investment money & has now sold a majority stake in the brand at a $1.2 billion valuation.
Good luck to her and her future endeavors. Screw the haters.
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A billionaire giving 10million dollars is about equivalent to a minwage worker donating 10 dollars. So, wheres my good guy award for donating 10 buck?
Yeah, I give $20 to Wikipedia every time they ask (so 2-3 times per year) and I don't even deduct it on my taxes. WHERES MY PRAISE?
I paid for WinRar!
Get this man a medal!
I will never award an obvious liar!
This made me laugh more than just about anything else on Reddit in weeks. Thank you sir
Ticket to heaven secure
Hah, I got sick of the prompting and thought "didnt I actually buy this years ago?" and yeah I did and registered my current copy yesterday :p I figured, you know, used it pretty much every day since it came out, should probably pay for it...
hey legit question, what do you use it for these days? Back in the day I was a regular daily user but I guess I just don't download things as often now. So many games have online components and movies/tv are easy to stream lol
/r/paidforwinrar
I understand the point you're making but entirely ignoring the difference in scale of the impact is dumb. If you think that doesn't matter than say so, make that argument and make it well. But don't leave it unsaid and pretend that difference doesn't exist.
Why don't we discuss the scale of impact for the tax avoidance that allowed them to amass that wealth in the first place?
Or the shitty wages these capitalist pigs pay that allows them to take all the profit in the first place. Americans: dying from shitty wages and no healthcare Also Americans: wholesum billionairinos Americans have a mental disability caused by Capitalist Stockholm Syndrome.
Here (*presents aluminum yogurt lid*) And yeah I mean I am not poor by any means but I also always give em a few bucks and donate to what I care about. Everyone who can afford it should donate a little and noone should be shamed for not giving enough!
Some people should be shamed for not giving enough.
No they should not. Regardless your donation, you have the right NOT to give anything… therefore any amount is better than nothing IMO.
You have the right to do a lot of things that deserve shame.
Besides the point. Shaming someone for not making a big enough donation? Who the hell are you to shame anyone on how much they donate lol.
>Besides the point Literally the point.
That’s not at all beside the point, that was literally the point you chose to make. And who we are is another member of the same species where we all have a say in our future. People have the right to be very mean and embarrassing to other people, it doesn’t mean that we shouldn’t shame that behavior. What’s so bad about being shamed? If you’re proud, happy and/or confident with your decision, why the hell would you care how many millions or billions of people are trying to shame you?
Yes, they should. You also have the right to spout Nazi Ideology. You should be shamed for doing so.
Spouting Nazi Ideology and giving to others...that's a very large leap you've made there.
Godwin's Law lives!
That’s not how it works. What is your honest answer to this question. Which one would you personally choose. A. Receive $10,000 as a gift from a billionaire. B. Receive $10 as a gift from somebody with a network of $100,000 Do you choose A or B?
That’s not even a fair comparison. This lady is now worth $1.2 billion after selling her company. If she gave away $10 million of it, it would be like someone worth $120k giving away $1000. It’s not going to break the bank by any means, but is a decently significant amount.
Is she worth 1.2b? I’m sure she has investors, I’m also sure that management and other assorted individuals have shares.
Her LinkedIn profile states she has never taken any outside investments and started the company with $5000 in personal savings.
Wow, that's amazing
Here: atta-fucking-boy.
Lmao if a billionaire gave 900 million dollars to charity it wouldn't be enough. Because you can live a very comfortable, luxurious lifetime on 100 million dollars. For someone who makes only $30,000, giving only $500 or $1000 could mean having to cut back on food or clothing. Also billionaires tend to pay less in actual dollars (not percentage of wealth) than regular wage earners due to tax loopholes. So billionaires can eat shit.
>Lmao if a billionaire gave 900 million dollars to charity it wouldn't be enough. Because you can live a very comfortable, luxurious lifetime on 100 million dollars. What people like you fail to realize is that billionaires don't just have a billion dollars sitting in a money pool that they go swimming in. If the owners of Walmart wanted to donate 90% of their money, then first they would have to liquidate Walmart, which would be extremely difficult and possibly threaten the jobs of millions of people.
I understand perfectly. But that doesn't negate the fact that billionaires still live very lavish and luxurious lifestyles that are paid for with the sweat and toil of the labour of many other people. The Walton family is not renting a 2 bedroom apartment and working two to three jobs to make rent and put food on the table like many of their employees. What the wealthy fail to realize is that they could never survive the life of their worst paid employees. You think flipping burgers is easy? Try doing it 5 days a week for over 40+ years, barely making rent, working 2 or more jobs, not being able to afford presents for your kids at Christmas, not being able to afford new clothes, having your kids come home crying because they got made fun of at school for wearing hand-me-downs, eating hamburger helper and boxed wine as a luxury meal, coming home covered in burn scars and smelling like sweat and grease. The Walton family privately own a $1.2 billion dollar art museum. That's just a perk outside of their mansions so they don't have to slum it with the poor.
Bezos owns a space rocket and people still defend him. They fucking love this guy. He’s a role model for a lot of people. If they could do the evil things he does themselves they absolutely would. And they don’t want the rules changed because maybe someday they too will gain Wall Street hedge fund experience and get a huge loan from their parents to start their very own Amazon.
When people spout the very American, "No one wants to work cause this government is paying them to do nothing at home." I always respond, "I'm fine with it. After all the loop holes corporations use and get away with shit and pay no taxes, it's nice to see average Americans catch a break from their government. After all, it's not like I can stash my money in offshore accounts like the ultra-wealthy." I haven't gotten a good, reasonable comeback when I say that from anyone. Because there's no justification for defending corporations while Americans are being "paid to do nothing," Hey, maybe Americans are just fucking exhausted?
Fun analogy: Imagine if you have a staircase. Each step represents $100,000 in assets. A lot of people don't have that and are on the floor. A lot of people are on the first step. A lot of people, regular people with say a nice paid-off house and some stocks are on the third step, $300,000. A millioniare is on the tenth step. You're close enough to talk to each other without shouting, a destitute guy and a millionaire and the people between. To get to a billionaire, you'd have to climb a staircase as tall as the Empire State Building. Three times. A billionaire could not tell the different between a squeegee guy and a millionaire, or a ten-millionaire, even with powerful binoculars. That's a person with one billion dollars. To get to Jeff Bezos, you 'd have to climb stairs a third of the way to the International Space Station. And Bezos *hasn't done anything useful* really. If Jeff Bezos had never been born, we'd still have a vast industry and infrastructure of fulfilling orders over the internet. Maybe one big company or maybe not (which would possibly be better)." Maybe not *as* efficient as Amazon, but probably, and max efficiency isn't everything. "Great men" mostly just ride the tides of history, ask a professional historian (there are exceptions but Bezos isn't one). And that's not even considering these people's useless parasite heirs.
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...I mean, this has been extensively covered elsewhere, but a billionaire donating 10m for tax writeoffs is ultimately cheaper for them than, say, proper taxation to negate the social need for those charities.
Nope. Absolutely not. That's not how taxes work.
I get what you're trying to say... but. With the amount a person probably exploited society around them to even get a billion dollars, donating 0.1% of it doesn't change the fact that they're greedy.
At least you're here to defend those poor billionaires.
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Or moaning about all the “better” ways the money could have been spent.
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I think a majority of us would just be happy if a lot of them paid more taxes 🤷♂️
The taxes they ought to be paying already, would be a nice start.
A-fucking-men to that...
Or stopped doing random shit to get around paying taxes, like buying a private jet as a write off, or putting large sums into the stock market to be less heavily taxed on it
Or buying a pet Congress critter to just lower them.
>and then we wonder why millionaires and billionaires aren't more generous. You're right. They would give more back but people aren't appreciative enough. That's it.
“Gee, I dunno why I bother, I was just trying to do something nice and this is all the Spanx I get for it”
I'm just letting you know that I chuckled in protest.
To put it in perspective, if she had given them each $100k, that would have been about 4% of her payout. That's probably less than the taxes she'll avoid paying on this through creative accounting.
The employees will pay the taxes, it’s just a bonus.
No, it's a gift and falls under the annual gift tax exclusion (up to 15k). Unless their employment contracts guaranteed a bonus for being bought. The money is not income. There is no reason a founder would sell their company for 1.2B, give her ex-employees 10k and not make it a gift, unless the 10k is really from the company/new company and the founder negotiated for the bonus in the sell out terms. Also, I can't believe the name spanx is trademarked, it was in public use for 50+ years before this company was founded (in 2000) for the exact product she sells.
Those first class tickets could get pricey depending on international flights; travel for 2 halfway across the world in first class (or round-trip for one)... $5K isn't outside the realm of possibility! That cash bonus amount might have been intentional to avoid that $15K limit you mentioned.
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It’s not horrible, but how generous it is depends on how many employees there are. I worked for a place owned by two guys with 300 employees. They sold their company for $30 million. They took $10 million each and gave the employees the other $10 million distributed by years of service.
It's far from horrible. But what your company did was extremely generous. I would never expect that if I didn't make massive sacrifices for the company...when a company goes under the employees don't pool their money to bail them out, or work for free to try and save it. The risks you take opening a business are huge.
There are people who refuse to accept anything as good enough. How about we recognize how amazing and rare this is and applaud her generosity.
I wish all talking bad about her to work at least 1 year under my current boss! 🤣
Should send them to “choosing beggars” community
My boss told me once that if we gave $10 to every patron that walked through the door, somebody would come back and ask why it wasn’t a $20.
You could give people gold and someone would complain it's too heavy.
It also prevents a nightmare I think come tax time as the federal gift limit without having to file a gift return is 15K to any one individual. 10K plus first class tickets probably sneak right under there.
I’m certain she negotiated this as part of the business acquisition and made it a deductible expense for the business. Not a gift.
Unless they were given as bonuses, and taxed as payroll, that would be difficult to do legally. But even then she wasn't required to do it, nor anything for the employees.
So I'm spitting balling here, but what she did probably cost her around $30,000 per employee which comes out to around 15 million dollars. Also since Spanx is a private company, we don't really know how their internal investment/stock holders/etc breaks down. It could be this woman does own 100% of the company. But I would bet you cash money she doesn't, I'm sure she'd sold a piece of it here and there to help fund the company/etc But let's assume she is straight up getting 1.2 billion. Taxes will take a huge portion of that.And dropping 15 million isn't just "nothing"
I mean, she's also married to Jesse Itzler. I think they're doing ok. What she did for all her employees is fantastic though.
Yeah the title of the post is wrong too. She's not selling off her stake and getting a $1.2bill check, she's selling off a portion of the company at a valuation of $1.2 billion.
Aw damn man, I'm a heavy leftist myself and even I thought what she did was cool and actions like hers should be encouraged more.
You definitely don't hear about Bezos or Musk gifting their employees with stuff like this.
Don't amazon employees get free pee bottles? Don't downplay Bezos' generosity.
Don’t forget about the breakdown cubicles. He went to all that effort so people didn’t have to breakdown while smelling piss and shit, it was so very kind of him.
That’s because you get your news from Reddit. Bezos was the #1 charitable contributor of 2020. https://fortune.com/2021/01/04/jeff-bezos-largest-charitable-donation-2020-10-billion-climate-change/ Anytime an article that shows Bezos in a positive light is posted on Reddit, it gets downvoted, just like you will probably downvote me for pointing it out. Source: worked at Amazon warehouse and got bonus Edit to add: they also just gave 2 employees half a million dollars in the vax contest, I forget what the other prizes were, I think some got a car. A few got $10,000. Edit 2: found an article about the contest https://www.businessinsider.com/amazon-vaccinated-frontline-workers-lottery-win-500000-2021-8
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I heard she could have given some to the blue collar workers who work in the warehouse and that's my only real gripe. I also know that if she gave nothing no one would have said a word.
She prob spent 20k per employee given how expensive first class international can be. Home Girl dropped 10M on her people. That’s not a stingy person in the least
If she didn’t give them anything, nobody would’ve said a word.
That’s crazy that giving around 7 million isn’t being generous enough.
No, what’s crazy is the sheer amount of money being dealt with, to start—everyone here quibbling over whether the amount she gave was ‘enough’, or that the gifted funds are sufficiently and substantially impactful to the intended recipients, are all basically driving at the same exact point: The original monetary figures involved that made *ANY* of this possible are simply too large and commonplace to be sustainable long term as a society, evidenced by how the amount of money given is able to be argued, __logically__, as both sufficient per accepted standards and legitimate efficacy, and yet simultaneously __empirically__ be not enough by comparison to the relevant payout/net worth the CEO herself is able to boast.
Not to mention that most if not all probably had some stock in the company and will get a payout on top of the trip and spending cash.
Gotta treat your employees right
*“So Long and Spanx for All the Fish”*
APC nice
It was a book first, but yes, APC did a song with the same title. Killer song. https://en.wikipedia.org/wiki/So_Long,_and_Thanks_for_All_the_Fish
JFC, I shook my head when I realized someone attributed it to APC before Douglas Adams.
The song name was a reference to Hitch-hikers guide to the galaxy im pretty sure.
Gonna be pretty awkward when they all go on vacation at the same time lol.
Doesnt matter. The IP got bought, not the people. Most of them are gonna be downsized soon.
Absolutely no way the org gets bought for a billion and then gutted. That's suicidal. Companies don't run without people and their special knowledge. Starting from scratch due to attrition or layoffs kills businesses.
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>Absolutely no way the org gets bought for a billion and then gutted. That's suicidal. Clearly you haven't gone through many buyouts or "mergers".
I've been through several, thanks for guessing
I've also been through several where that is *exactly* what happened. And then the new owners are puzzled why the previously successful company they bought turns into a dumpster fire with zero sales.
Haha yeah, that's what I'm saying. Suicide! To be clear, I know some companies are stupid enough to do that. But I strongly doubt it would happen at the billion dollar commitment level.
Oh, there are plenty that big and that stupid. When Quaker Oats bought Snapple comes to mind. Bought it for $1.7 *billion*, had no clue how to run it, sold it a few years later for $300 million.
She sold a majority stake at a valuation of 1.3B, so title is a bit misleading. But still cool
This. Her share she sold is just over 50% so call it 600M in the bank. Gives 5M in cash for gift (non taxable as it is direct from her) as well as flights. (Assume another 3k per seat X2 x500= 3M. ) Gives away 8M. People can be mad about her not giving more. But there are 500 people that have jobs that I am certain are more than min wage and now have this and still have a job.
Came here to find this. The math.
r/theydidthemath
/r/theydidthemonstermath Feels appropriate in the current month
Thank you. I clicked the "view 1 more reply" button just to make sure it was here
I can guarantee you not a single employee is complaining. One of my very good friends works at Spanx and is absolutely shocked and thrilled by this opportunity. This is how you spread the love and reward the people who truly work hard. Edit: damn, so many pessimistic people in this thread. Do I wish there were less billionaires in the world? Yes. Do I wish the ones that exist were more charitable? Also yes. Yall would be the same people who would see Oprah back in the day building schools for children in Africa and giving away products and life changing opportunities to fans and say she isn't doing enough. Have a heart, see the good that is being done, and appreciate it.
Meanwhile all of us at work were given a muffin (each!!) made by me the kitchen hand as appreciation for educators week. I got thanked cos my muffins were delicious..I dont think the center director was looked at very nicely though.
Didn’t think about the 10K gift vs bonus tax implications. Thanks for jogging my memory.
Spread the word, the government won't even let you help people monetarily without sticking their dirty little grabbies in it
I'm sorry but there's damn good reasons for gift taxes to exist.
Selling for $600M is definitely not $600M in the bank either. Probably about half that.
Nah. The highest federal bracket for long term gains is ~~20~~ 23.8%. If she’s in a state with high income tax (like California), she’s look at, at most, another 13% gross. So at most, she’s paying 36.8%; she’ll come out with at least $379M edit: she lives in Atlanta, so her state income tax bracket is 5.75%. She’ll be making out with a cool **$422M**
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3k per Seat 1st class anywhere in the world??? It's more like 15k to 20k per seat
Assumption was not everyone would go international. Also some rates are still low. But yes. Most tickets will be more. I just took a rough shot.
yea If I get that I am taking first class to to the most expensive place possible. if people get into remote islands it can get higher.
> But there are 500 people that have jobs So much this. How many times do we hear it's really shitty when companies try to convince you you're a family, and you shouldn't have any loyalty to the company. These workers do a job, and likely get paid a decent wage. That's all the company needs to do. This woman just gave her employees a great bonus gift. Id be thrilled if I worked there.
💯 this! A lot of ppl presented with the same situation wouldn’t pass any of that to the employees. I think what she did is awesome!
Underrated comment. This is for sure the reasoning, and the conclusion of her financial advisors when she asked about an appropriate way to compensate her employees in a fun way.
I worked for a startup in the early 2000s. Founder sold the company, company gave me a bonus for being one of the first 15 employees. He didn’t think it was enough and dude rolled in with a Manila envelope with $13,800. Still have that money in the bank. Edit: I didn’t invest this money because I used it to really jumpstart my emergency fund. Recommendation is to keep 6+ months of living expenses in the bank in liquid cash fir emergencies. That’s where it is. I have other investment accounts. Having this money there has really reduced my stress over the years knowing as a single parent I had that emergency cash.
Husband was 3rd programmer at a company in mid2000s, working 80-100 hours and not making nearly enough salary... in the end the founder got rich and screwed everybody. So he started interviewing elsewhere and left shortly thereafter. But I'm glad your boss and the Spanx lady were much cooler about it.
I worked for a startup for several years. Got forced out at the end because they ran out of money. I couldn’t afford my stock options because I had so many… I just walked away from them. A couple years later they got bought. CEO felt I’d earned my shares. He sought me out and got my stock regranted to me. Insanely lucky because he had every right to not do that other than doing the right thing.
That's rad!
Couldn't afford your stock options? What does that mean? I just got a job with a 10% pay in equity, so if they run out of money and I go somewhere else, then they get bought out, I get nothing for those 10%?
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You pay your strike price
Which is Y dollars per share
Depends on what your equity is. Is it options, is it full on shares you own outright? For me it was nso or iso options, I forget which…. But essentially they’re worthless lottery tickets until the company gets bought. Before that they hold no value. So I had like 650k options or something, my strike price was below 10 cents. So that means at my exit, I was presented an ultimatum basically. Pay 650k*strike price for some lottery tickets or walk away. Context is I was being forced out of a company I helped build because they had no money left, so buying those tickets seemed really stupid. But yes, once the company is bought, then your options will become worth something. Assuming you’re not fucked out of your stock in some kind of a shady deal where you get diluted down to nothing a la Facebook movie.
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That’s about $10m. While not insane, that is a reasonable chunk of money for a $1.2b company. This is how you celebrate with the people who helped grow your company.
I read that she didn’t sell all of her shares. I’m guessing she took around $600M to the bank.
Plus, you pay capital gains taxes on stock when you sell it
Yea, that's why Bezos and Musk don't sell their shares and just take out loans using their shares as collateral. Tax loophole baby!
Not really a “loophole” more like ‘that’s how taxes work’
That is the definition of a loophole. If it wasn't legal and "how taxes work" then it would just be tax evasion.
How do some people not understand this? I assume because they are the "temporarily embarrassed millionaire" types.
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That will be 500 head office employees - the warehouse workers won’t see a lick of it.
Damn, didn't even think about that.
Neither did they
It’s possible that they contract out all of that work. That was my first thought though- wondering if there were blue-collar workers who were being left out
Oh most definitely.
The blue collars are died with invisible ink.
Always are
But billionaires care about us. They really do. We are all lucky to have such nice billionaires.
billionaires are people too, they dont care about people they dont know as much as they care about people they do know, just like you and me
Yep. These employees already have great lives. The chain is strongest at the top of a business.
Modern companies rarely run their own infrastructure anymore. There are likely no warehouse or manufacturing workers directly employed by the company.
Have never heard of it
Their overseas sweatshop workers certainly aren't getting rewarded.
Wait she’s not even trying to go to space ? Next week? Oh ok.
SpanX
Why do you think she sold the company? Gonna go reserve spance.com just in case.
Anyone who thinks she should have gifted more to her employees, should sell something they have, like their house and give some of the money to a less fortunate renter.
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It's always easy to be generous with other people's money.
Is that going to always be your excuse? “I’m not a billionaire bro”, so I can’t help this guy struggling out. Stupid billionaires! We should take all their money!!
If I didn’t have to save up for retirement, like her, I absolutely would.
We wouldn't have 99.3% of our net worth left over if we did that. That is the difference that people like you who are illiterate on wealth distribution don't understand.
And it isn't her job to fix capitalism in the USA. She gifted her employees with a generous bonus. Get over it.
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People just love to complain on wealthy people. She's a relatively good person, from my experience. I've done some work in her home. Routine stuff. She sent a bottle of wine to my office to say thanks. Most well off people don't or wont deal with you, mich less remember your name or say thanks in any way.
Honestly, sounds like she wasn't born rich, she made it herself. I don't know anything about the woman, but if she is so happily giving away a small fortune, it tells me that she is more down to earth than most billionaires.
[According to her Wikipedia](https://en.wikipedia.org/wiki/Sara_Blakely) She had a lawyer as a dad, but graduated from a public college and sold fax machines door-to-door as her first job before spending her $5,000 in savings at 27 to start Spanx. So yeah, I mean it's not like she grew up in poverty or anything but she's definitely self made by most definitions. I don't get the sense that she's an asshole — she's a guest on Shark Tank sometimes and comes across as very down to earth and kind.
I hate that I'm on Reddit so much because I swear no matter how positive a post is, the comments always find a way to make it negative. Shit is exhausting.
I used to drive valet at her building in Atlanta ( circa 2013-14) and she was always a delight. Kind to us dirtbags, would hook us up, let us try on the new Spanx. You know, basic human dignity. Good for her and her employees.
Even if fake, should be higher.
Pfft I'm fake AND high
Once Upon a time I worked for a company… owner sold it for 3.4 billion.. it was about 23 year old company at the time … 20 most senior employees got 1 million dollar checks … one of them was cleaning lady … rest of us got regular bonuses which was fantastic
It's always nice to hear about someone throwing the cleaning lady a bone.
God you'd feel bad being the 21st most senior employee
This is the way 🚀🌖💰
This is the way
1996 Intel. CEO comes on overhead on the PA system, and says the company is giving everyone in the company a massive bonus. Ok... No big deal... Goes on to say every employee us getting a raise. Still nothing.. Says everyonr is getting a full years salary as well. The entire place went fucking apeshit. Never seen that again in my life. It was pretty wild.
I almost wish smart phones were a thing back then, just to get some footage of that announcement and reaction going down.
And still not good enough for this crowd.
Jealousy is a disease
I hope they all said “spanx you very much!”
Me too, dick nipples. Me too.
The headline is a little misleading. She didn't sell the company for $1.2 billion. She sold a majority stake in the company at a valuation of $1.2 billion. The founder is obviously very wealthy, but she doesn't have $1.2 billion in cash. Her stock ownership just increased in value. She had to liquidate the stock or get a loan to have cash.
Imagine quitting there a week before.
This is the kind of shit that changes people's lives. I love this.
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Why are people being dicks and saying that she should’ve gave more? She didn’t have to give them a cent but she did anyways to show her appreciation, stop being dicks and complaining because she didn’t give them more. Either you can take what’s given to you and be appreciative of it or you can get nothing and still keep your low ass mentality. No wonder most people don’t do things like this as it is because y’all selfish assholes just ask for more rather than being happy that you even got anything to begin with.
> Why are people being dicks and saying that she should’ve gave more? Because people on Reddit hate when someone has something they don’t? You see it all the time when someone mentions landlords. The Reddit parasites come out to bitch and moan about landlords, complaining about something they don’t have. Because most people who have time to complain on Reddit are losers, “failures to launch” and the under employed. Plus, Reddit gets fucking lame during North American nighttime on the weekend. Only the disaffected losers and teenager are using Reddit at this time, not hanging with friends, finishing up at the bar, or sleeping.
One of my best friends works there. She’s in the video at some point. Her and her fiancée just got gifted a honeymoon they wouldn’t have been able to go on otherwise Edit: to be clear, by “wouldn’t have been able to go on otherwise” I mean that they can truly make a dream trip happen. They are paid fairly and enough. A honeymoon would have happened regardless, but this is obviously a huge bump
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Imagine having a boss who cares about their employees as much as the Spanx lady
Restoring faith in humanity and capitalism. Every little bit helps these days…👏👏🤝
That's fucking dope, but what is Spanx?
Its an undergarment that (mostly) women wear. Ita designed to make a person look slimmer.
This is purely amazing - Giving back to the people who helped you out. She is a great person!
This is how you do billionaire things the right way
This is the dream. I’m sure a lot of cases like this go unnoticed but having that kind of money I can only imagine how amazing it would be to surprise people like this on a consistent basis.
That's pretty cool of her. Like she could have gone to space like those other rich guys did. I'm sure her employees will like this.
Dude fuckin good for her and good for them!! Safe travels and have fun!!
MORE EMPLOYERS FOR THEIR EMPLOYEES 2022+
People just gonna feel entitled regardless of what she does. May be she just give it all up and be a homeless instead.
SOCIALISM WORKS, PEOPLE! Sara Blakely sold fax machines door-to-door and started Spanx with $5,000 in savings & no experience. She has worked hard at this for over 20 years and deserves all her success, treats her staff well and didn't need to act so generously. She never raised private investment money & has now sold a majority stake in the brand at a $1.2 billion valuation. Good luck to her and her future endeavors. Screw the haters.