logo
From hired to fired, tech founder reveals how Soham Parekh operated and hints at how he fooled companies

From hired to fired, tech founder reveals how Soham Parekh operated and hints at how he fooled companies

India Today18 hours ago
In a bizarre saga that could be ripped straight from a tech satire, Soham Parekh, an India-based software engineer, has stunned Silicon Valley after admitting to secretly working full-time for dozens of US startups, at the same time. What began as whispers of moonlighting quickly exploded into a full-blown controversy after revelations surfaced that Parekh was juggling roles at up to 34 different companies, sparking outrage, disbelief, and a flurry of memes.advertisementThe story broke when Suhail Doshi, founder and former CEO of Mixpanel, posted on X (formerly Twitter), accusing Parekh of deceiving several Y Combinator-backed startups. Doshi claimed he had fired Parekh within a week of uncovering the truth. As the thread gained traction, more founders chimed in, admitting they had either hired or interviewed Parekh, only to discover he was already employed elsewhere.
One such founder, Dhruv Amin, co-founder of AI startup Create, shared his experience with Parekh in an X thread that quickly went viral. Dhruv explained that Soham had joined his team in San Francisco as engineer number five, on the back of a recruiter's recommendation and an impressive pair-programming interview. 'Yes, we hired him He was eager and crushed our in-person pair programming onsite. I believe he's actually a good engineer,' Dhruv wrote.
But the enthusiasm quickly turned into frustration.After accepting the job, Parekh said he'd be away in New York and would begin a week later. When Monday rolled around, he texted Dhruv excitedly, only to call in sick on his first day. 'He said he'd onboard from home. Gave an address to ship the laptop,' Dhruv noted.From there, things only got weirder. Parekh missed meetings, delayed deliverables, and made excuses. It all unravelled when Dhruv's team discovered he was actively working at another company, Sync, at the same time.'When we called Soham up, he denied it to the end. Said Sync guys were just friends,' Dhruv recalled. But the real kicker came when Sync published an 'Employee of the Month' video, featuring none other than Soham Parekh himself.His contract was swiftly terminated. 'He dipped,' Dhruv said, assuming he was just a young engineer who had made a bad call. But when the wider story broke, Dhruv's embarrassment turned to amazement. 'Then I was pissed. Then impressed Still not sure how he pulled it off for so long with in-person startups and long hours, but appreciated the hustle. Hope he had a good reason. Feels like a stressful way to make money.'Soham Parekh's side of the storyadvertisementAs the tech world demanded answers, Parekh finally spoke out in an interview on The Backchannel podcast (TBPN), confirming what many had suspected. 'It is true,' he said, calmly owning up to the deception. 'I'm not proud of what I've done. But, you know, financial circumstances, essentially. No one really likes to work 140 hours a week, right? But I had to do this out of necessity. I was in extremely dire financial circumstances.'He added that he completed all the work himself -- no shortcuts, no AI, no external help -- and maintained that his output met expectations.Parekh claimed the hustle began in 2022, after postponing graduate school and enrolling in an online programme from Georgia Tech. But that detail raised more questions when a Georgia Tech spokesperson confirmed there was no record of his enrolment, casting further doubt on the timeline and fuelling speculation around how far the deception may have gone.Despite the storm, Parekh has already landed on his feet. He's now joined a San Francisco-based AI startup named Darwin, and has promised to leave his multi-job days behind. 'I won't be taking up any more additional jobs,' he said.While his story has raised ethical questions about moonlighting and transparency in remote hiring, it's also exposed deeper vulnerabilities in the startup hiring culture, especially in the fast-moving world of venture-backed tech, where background checks are often minimal and pressure to scale is high. Love him or loathe him, Soham Parekh's name is now etched into Silicon Valley lore.- Ends
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US-India trade talks, TCS earnings likely to drive markets this week
US-India trade talks, TCS earnings likely to drive markets this week

Business Standard

time9 minutes ago

  • Business Standard

US-India trade talks, TCS earnings likely to drive markets this week

Equity investors are up for an eventful trading week ahead as the 90-day suspension period of the reciprocal tariffs announced by US President Donald Trump ends on July 9, analysts said, adding that a positive outcome from the trade negotiations could further lift market sentiment, particularly benefiting trade-sensitive sectors. Besides, Q1 earnings from IT major TCS and foreign fund movement would also dictate sentiment at the Dalal Street, experts said. July 9 marks the end of the 90-day suspension period of the Trump tariffs imposed on dozens of countries, including India. An additional import duty of 26 per cent was announced on Indian goods entering the US. "This week holds significant importance not only for Indian markets but for global equities as well. The most anticipated event is the outcome of the US trade (tariff) deadline on July 9, which could shape global trade dynamics. Investors will also closely monitor the release of the US FOMC (Federal Open Market Committee) minutes on the same day," Ajit Mishra SVP, Research, Religare Broking Ltd, said. Domestically, the spotlight will shift to corporate earnings, with IT major TCS and retail giant Avenue Supermarts among the prominent companies scheduled to report their quarterly results, setting the tone for the Q1 earnings season, he added. Movement in global oil benchmark Brent crude and the rupee-dollar trend would also be monitored by investors this week. "A positive outcome from the US-India trade negotiations could further lift market sentiment, particularly benefiting trade-sensitive sectors like IT, pharma, and auto. Considering the broader indices currently trading at elevated levels, the market participants will closely watch for signs of earnings catch-up from upcoming Q1starting this week," Vinod Nair, Head of Research, Geojit Investments Limited, said. Last week, the BSE benchmark Sensex dropped 626.01 points or 0.74 per cent, and the NSE Nifty declined 176.8 points or 0.68 per cent. "Overall, we expect the market to remain in consolidation mode, awaiting clarity on the India-US trade deal; while stock specific action would continue on the back of Q1 FY26 business updates ahead of the earnings season starting this week," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said. On foreign fund flows, V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, "Resumption of FII (Foreign Institutional Investors) buying will hinge on two things: One, if a trade deal happens between India and US that will be positive for markets and FII flows; two, Q1 FY26 result indications. If the results indicate earnings recovery, that will be positive. Disappointment on these factors can impact the market and, thereby, FII flows.

Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage
Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage

Economic Times

time28 minutes ago

  • Economic Times

Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage

Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets Tired of too many ads? Remove Ads Markets regulator Sebi's investigation into Jane Street may have unintended consequences for Dalal Street, as was evident on Friday when four capital market-related stocks collectively lost Rs 12,000 crore in market regulatory action has exposed the market's dependence on proprietary trading firms and their domestic partners. What began as targeted enforcement against alleged market manipulation by the US-based trading giant quickly spilled over, impacting the broader capital markets infrastructure, even affecting firms with no regulatory issues. Nuvama Wealth Management , Jane Street's local trading partner in India, suffered the steepest decline on Friday, falling 11.26%, despite not being implicated in any wrongdoing in Sebi's investigation. Shares of stock exchange BSE and Angel One dropped around 6% each, while CDSL fell over 2%. The combined erosion in market capitalisation was nearly Rs 12,000 regulatory action targeted Jane Street and its affiliates for manipulating prices in Bank Nifty index options and underlying stocks, resulting in an order to disgorge unlawful gains of Rs 4,844 the market's reaction to Nuvama highlights how regulatory action against one entity can impact its business partners—even when they face no direct allegations. The sharp fall in Nuvama's stock reflects investor concerns about potential revenue loss from the possible exit of a significant client, regardless of the firm's conduct."Prop trading firms like Jane Street account for nearly 50% of options trading volumes," noted Zerodha founder Nithin Kamath, highlighting the market's concentration risk. "If they pull back—which seems likely—retail activity (around 35%) could take a hit too. So this could be bad news for both exchanges and brokers."Also Read | Explained: What is Jane Street and how it made Rs 36,500 crore profit by gaming Dalal Street The scale of the market's dependence on proprietary trading firms becomes evident through the numbers. When a single entity controls half of the options volume, its potential exit creates significant uncertainty about future market liquidity and trading activity."Jane Street is one of the largest traders contributing to Indian markets," said Siddarth Bhamre, Head of Institutional Research at Asit C. Mehta . "When big players are banned for wrongdoing, others become cautious and reduce activity, leading to lower volumes. Traders may also face fewer counterparties, potentially causing a further drop in F&O volumes ahead."The concerns extend beyond immediate volume impacts. Ashish Nanda, President & Chief Digital Business Officer at Kotak Securities, outlined the broader implications: "HFTs will surely be feeling the heat. Many will be re-assessing their strategies. Will they slow down? The fact is that HFT firms provide a lot of liquidity in the markets. If there's a reduction in activity by HFTs, it will also impact retail volumes."The immediate market reaction suggests traders are already pricing in a potential decline in volumes across Indian capital markets. Analysts warn that the regulatory action could put pressure on the revenue of intermediaries heavily dependent on derivatives trading, with volumes likely to shrink in response to Sebi's measures against one of the segment's largest prop trading One founder Dinesh Thakkar offered a more optimistic view, arguing that India's market opportunity remains "structural, not cyclical—and certainly not dependent on any one firm." He pointed to the surge in retail participation in equity derivatives—from just 2% in 2018 to over 40% in 2025—as evidence of strong underlying market fundamentals."When one player exits, others step in—and often, very fast," Thakkar noted, referencing global trading giants like Citadel Securities, IMC Trading, Optiver, Jump Trading, and Millennium, which are already expanding into India, setting up local entities, hiring talent, and investing in this optimism, the immediate challenge is gauging the actual impact on trading volumes. Zerodha's Nithin Kamath acknowledged the uncertainty: "The next few days will be telling. F&O volumes might reveal just how reliant we are on these prop giants."The Jane Street episode underscores how regulatory action—while targeting specific misconduct—can have broader ripple effects across the derivatives ecosystem. The Rs 12,000 crore selloff on Friday reflects investor concerns over volume contraction and revenue pressure, particularly for intermediaries with direct exposure to the banned the market adjusts to this new reality, attention will turn to whether other international trading firms can fill the liquidity vacuum left by Jane Street's exit—and how domestic players recalibrate their models to sustain revenue in a changing regulatory Read | Make $1 billion loss in stock futures to earn $5 billion profit in options: Sebi exposes Jane Street's Baazigar strategy

Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage
Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage

Time of India

time31 minutes ago

  • Time of India

Jane Street aftermath: 4 stocks suffer Rs 12,000 crore wipeout in collateral damage

Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets Tired of too many ads? Remove Ads Markets regulator Sebi's investigation into Jane Street may have unintended consequences for Dalal Street, as was evident on Friday when four capital market-related stocks collectively lost Rs 12,000 crore in market regulatory action has exposed the market's dependence on proprietary trading firms and their domestic partners. What began as targeted enforcement against alleged market manipulation by the US-based trading giant quickly spilled over, impacting the broader capital markets infrastructure, even affecting firms with no regulatory issues. Nuvama Wealth Management , Jane Street's local trading partner in India, suffered the steepest decline on Friday, falling 11.26%, despite not being implicated in any wrongdoing in Sebi's investigation. Shares of stock exchange BSE and Angel One dropped around 6% each, while CDSL fell over 2%. The combined erosion in market capitalisation was nearly Rs 12,000 regulatory action targeted Jane Street and its affiliates for manipulating prices in Bank Nifty index options and underlying stocks, resulting in an order to disgorge unlawful gains of Rs 4,844 the market's reaction to Nuvama highlights how regulatory action against one entity can impact its business partners—even when they face no direct allegations. The sharp fall in Nuvama's stock reflects investor concerns about potential revenue loss from the possible exit of a significant client, regardless of the firm's conduct."Prop trading firms like Jane Street account for nearly 50% of options trading volumes," noted Zerodha founder Nithin Kamath, highlighting the market's concentration risk. "If they pull back—which seems likely—retail activity (around 35%) could take a hit too. So this could be bad news for both exchanges and brokers."Also Read | Explained: What is Jane Street and how it made Rs 36,500 crore profit by gaming Dalal Street The scale of the market's dependence on proprietary trading firms becomes evident through the numbers. When a single entity controls half of the options volume, its potential exit creates significant uncertainty about future market liquidity and trading activity."Jane Street is one of the largest traders contributing to Indian markets," said Siddarth Bhamre, Head of Institutional Research at Asit C. Mehta . "When big players are banned for wrongdoing, others become cautious and reduce activity, leading to lower volumes. Traders may also face fewer counterparties, potentially causing a further drop in F&O volumes ahead."The concerns extend beyond immediate volume impacts. Ashish Nanda, President & Chief Digital Business Officer at Kotak Securities, outlined the broader implications: "HFTs will surely be feeling the heat. Many will be re-assessing their strategies. Will they slow down? The fact is that HFT firms provide a lot of liquidity in the markets. If there's a reduction in activity by HFTs, it will also impact retail volumes."The immediate market reaction suggests traders are already pricing in a potential decline in volumes across Indian capital markets. Analysts warn that the regulatory action could put pressure on the revenue of intermediaries heavily dependent on derivatives trading, with volumes likely to shrink in response to Sebi's measures against one of the segment's largest prop trading One founder Dinesh Thakkar offered a more optimistic view, arguing that India's market opportunity remains "structural, not cyclical—and certainly not dependent on any one firm." He pointed to the surge in retail participation in equity derivatives—from just 2% in 2018 to over 40% in 2025—as evidence of strong underlying market fundamentals."When one player exits, others step in—and often, very fast," Thakkar noted, referencing global trading giants like Citadel Securities, IMC Trading, Optiver, Jump Trading, and Millennium, which are already expanding into India, setting up local entities, hiring talent, and investing in this optimism, the immediate challenge is gauging the actual impact on trading volumes. Zerodha's Nithin Kamath acknowledged the uncertainty: "The next few days will be telling. F&O volumes might reveal just how reliant we are on these prop giants."The Jane Street episode underscores how regulatory action—while targeting specific misconduct—can have broader ripple effects across the derivatives ecosystem. The Rs 12,000 crore selloff on Friday reflects investor concerns over volume contraction and revenue pressure, particularly for intermediaries with direct exposure to the banned the market adjusts to this new reality, attention will turn to whether other international trading firms can fill the liquidity vacuum left by Jane Street's exit—and how domestic players recalibrate their models to sustain revenue in a changing regulatory Read | Make $1 billion loss in stock futures to earn $5 billion profit in options: Sebi exposes Jane Street's Baazigar strategy

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store