💸 Canva money talks, and walks
With a lot of long-term employees and a high share price, could Canva's secondary sale mean a mass exodus before the IPO madness sets in? From the outside looking in, it certainly looks tempting.
Canva prides itself on its culture. Outside of the one-kilometre radius of its ground zero on Kippax Street in Sydney's Surry Hills, some even snidely refer to it as a "cult".
Just how strong the lure of that cult is, though, is about to be tested when the secondary payouts for some of the design software company's employees, particularly early ones, hit bank accounts shortly.
Today The Information reported ahead of us that Damien Singh, chief financial officer of Canva, which was last valued at over $25 billion, has left the company. While it's not unusual for a change of CFO ahead of an IPO, there is a chance that we see more exits.
At the start of the year, news broke that Canva was preparing a deal to allow employees and early investors to sell more than USD1 billion ($1.5 billion) of their stock.
