At SpaceX if an employee is fired β€œfor cause,” the company can repurchase their stock for a price of $0 per share, according to documents viewed by TechCrunch. https://techcrunch.com/2024/03/15/spacex-employee-stock-sales-forbidden/
Leaked SpaceX documents show company forbids employees to sell stock if it deems they've misbehaved | TechCrunch

SpaceX requires employees to agree to some unusual terms related to their stock awards, which have a chilling effect on staff, according to sources and internal documents viewed by TechCrunch.

TechCrunch
@w7voa is this abnormal though? If you replaced spacex with any of the other big tech or other conglomerate, I'd be equally unimpressed and unsurprised tbh
@oiyouyeahyou @w7voa Well, I hope it is not normal that an ex-employer can simply take part of your property.
@w7voa one thing that Musk is good at is learning from his past mistakes or what he sees as mistakes & loopholes that limited his ability to hold power or allowed likes him to gain riches, like loading his boards with nepo cronies so he can't be fired and with this revelation ensuring his employees can't benefit like he did with paypal after he got fired.
@w7voa I very much doubt that's legal, although it for sure fits Elon's fuXXed-up world of imaginations.
@w7voa "repurchase for $0" is the verb "steal" in capitalist slang
@w7voa Why not just take their passport and keys?

@w7voa

in violation of both federal and state statutes, one presumes...

@w7voa No surprise that there’s an element of autocratic rule and soft fascism in these arrangements.

Thanks for reposting!

@w7voa
anyone surprised, after all It is Elon
@w7voa I've worked for multiple private tech companies and they all had a clause that gave the company the write off first refusal to buy back stock being offered for sale privately at the original strike price - ie. what you paid for it. This usually made resale pointless. It would however, I think, allow you to reclaim your purchase money and taxes since buying stock - I think - sets a cost basis at the FMV which you can then claim a loss from.

@w7voa I would say what SpaceX is doing is unusual and punitive - perhaps even of questionable legality. But ultimately employees, especially high level ones, should negotiate on their employment contract or simply refuse to take a job there.

But note, fired employees always have the option to just wait. They can even enter into legally binding agreements with a 3rd party to sell their stock at a certain price should they ever gain control of it - I've had that kind of offer on the table.

@w7voa
So Musk supports forfeiture clauses. Good to know.