In the Fall of 2020 while I was working but mostly focused on Dad, the company launched its IPO. It’s the third attempt so I think that most colleagues didn’t think it’d really happen but this time it went through. The company was profiled on the NASDAQ billboard in Times Square that day with pictures of our colleagues.
How ironic that it was in 2020 – a year in which we took 10% pay cuts because the company expected to perform poorly. Instead, technology companies excelled because of the broad dependence on technology forced by the country’s extended shutdown. Our initial stock price is now double.
I haven’t heard any talk of returning our 10%, but now my stock options are worth much more than before. Many are still unvested so I can’t exercise them yet.
Every colleague also received some shares of stock just before the IPO. I appreciated the unexpected bonus but it threw a wrench into my tax planning. We will owe thousands of dollars in taxes this year partially because the stock gift caused our income to exceed the threshold for the American Opportunity credit. We lost that credit, we lost a dependent (for a good reason – he’s on his own now!), and the twins are too old now for us to get the generous child tax credit. It was good while it lasted. On the positive side, the stimulus payments were based on our 2019 situation so we did get a break in 2020 despite their being 17.