Spanx founder celebrates $1.2 billion valuation by buying employees first-class tickets to anywhere,

[brooklynite]

New York Daily News

Just one day after striking a $1.2 billion deal with Blackstone Inc., Spanx foundress Sara Blakely has gifted her employees – 500 of them – with first-class plane tickets to anywhere in the world, and $10,000 each to spend when they get there.

Her employees erupted in cheers and tears when the entrepreneur made the announcement at a company party last Thursday celebrating her funding coup.

Investment company Blackstone on Wednesday agreed to buy a majority stake in the undergarment company at a valuation of $1.2 billion. Blakely will maintain a significant equity stake in the business and will continue to oversee daily operations as executive chairwoman, the company said in a news release last week. Spanx’s existing senior management team will also be on board.

It was a long way from her start with $5,000 in savings back in 1998, persevering even as doors were slammed in her face and business cards ripped up in front of her, she recounted to CNBC in 2019.

[Patton French]

1. and $10,000 each to spend when they get there.

I know very little about Spanx or it’s founder, but I’d love a bonus like that!

[DFW]

2. Not a bad haul

After the 31.8% (or whatever the prevailing rate is) tax, she is left with $818 million free and clear. If she gives each employee $10,000 each gift is under the legal limit of the free gift allowance, and maybe a skillful accountant can write off the plane tickets as business trips, who knows? If I suddenly came into $818 million AFTER taxes, I'd certainly look to pay some back to the people who got me there.