Cash out

Taking your revenue out, and the down-round tax that decides how much you keep.

Cash out

Cashing out pays your settled revenue in $EXIT, minus a tax. The tax is called the down round. It starts high and falls over time.

Two clocks, and the higher tax applies

Clock	Starts	Restarts
The Office’s	when the Founder is activated	after a cash-out that pays it in full. It ends when the Founder changes hands, and the new holder’s starts when they activate
Your wallet’s	at your first full cash-out	after every cash-out that pays in full

You pay the higher of the two taxes. Activating an Office starts its clock at the peak, so the first cash-out after activating is expensive. A cash-out that pays you in full restarts your wallet’s clock. If the IPO Pool can only pay part of a cash-out, neither clock restarts. The rest is paid later, and the clocks restart when it is paid in full.

If you cash out one day after activating at the starting rank, the tax is about 87% and you keep about 13%. If you wait the full 21 days, the same cash-out is taxed at your rank’s floor, which is 30% at the start.

How the tax falls

The tax starts at 90% and falls to a floor over 21 days. The floor depends on your founder rank, see Reputation & rank. The peak and the length are fixed when a clock starts, so a later change to these settings can only make your terms better, never worse.

Tax by day

The tax falls in a straight line from 90% to your floor over 21 days:

Days since the clock started	Seed Founder (floor 30%)	Exited (floor 10%)
0	90%	90%
7	70%	63.33%
14	50%	36.66%
21 or more	30%	10%

The tax is worked out in hundredths of a percent and rounded down, so the value you pay can be a hair lower than the formula.

For example, 1,000 $EXIT of pending revenue cashed out after 14 days pays you 500 $EXIT at the starting rank.

What you receive

you receive = pending revenue × (1 − tax)

Nothing else is taken. Your pending balance goes to zero, so the same revenue can never be paid twice.

Cashing out several Offices

You can cash out many Offices in one transaction. Cash out all prices every Office before your wallet’s clock restarts, so it is cheaper than cashing them out one at a time. Cash out all skips any Office whose Founder has changed hands and pays the rest.

If the IPO Pool is short

If it holds less than you are owed, you are paid what it holds and the rest stays pending. A partial payment does not restart your cliff or your tax clock.

If it is empty, the cash-out is refused. Nothing is paid and your pending revenue stays where it is. See Revenue.