Coinbase lays off 18% of workforce
After Coinbase CEO Brian Armstrong buys $133 Million luxury pad earlier this year he decided to lay off 18% of his workforce and reverse employment letters to many more. That totals about a fifth of its workforce as the CEO cites a collapse in its stock and crypto prices.
Armstrong pointed to a possible recession as the broader market is also imploding... He said they need to manage Coinbase’s burn rate and increase efficiency. In a tweet, he had the audacity to say they grew “too quickly” during a bull market.
What I see is that an excutive leadership team that lets a company hire too many people and not control their expenses with the future of the company in mind. This is a failure of the c-suite that is being taken out on the worker. Coinbase had initially said it was pausing hiring. Two weeks later, they announced that it was extending the freeze. Coinbase was caught off guard becuase earlier this year they planned to add 2,000 jobs.
What frustrates me the most is Armstrong sold $291.8 million in shares on its opening day. If you look deeper a number of early investors and executives sold large amounts of their Coinbase shareholdings which should be investigated as with the current price is one of the biggest pump and dumps I have seen.
With this most recent move by Coinbase I have considered moving all my assets of their exchange. It's not much in comparison to their institutional customers, but I purchased a ledger and will send an email once all my coins are off citing the actions of the executives as my reason for leaving. I want to see a vote of no confidence and the entire board removed, but we know that will not happen because the rich rule this country.
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