Four out of five paper millionaires are men, a study finds.
With companies such as Uber Technologies Inc., Slack Technologies Inc. and Pinterest Inc. going public this year, the question has been: How many millionaires will Silicon Valley mint? What’s not being asked is how much of that new wealth will go to women.
The jobs that land the biggest equity packages tend to be held by men in C-suite roles, said Emily Kramer, Carta’s vice president of marketing. “As wealth goes up, the percentage of millionaires who are women go down because they are not CEOs, CFOs or founders,” she said. Although most equity ends up being worth nothing, when a start-up goes public or gets acquired, stock grants can result in a big payday, creating the next class of angel investors and entrepreneurs. And even withfrom tech companies this year, underrepresented employees are getting the “short end of the stick” and become “collateral damage,” said Henry Ward, chief executive of Carta.
As WeWork prepared to go public, Trista Kempa, who says she was the 17th employee, said she wasn’t offered options at all. “I was 23, naive, and didn’t know what equity or options were — I certainly didn’t know how much it could impact my financial future,” sheWeWork did not immediately respond to a request for comment. The company wound up withdrawing its IPO.
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