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Coinbase lays off 18% of workforce by cryptictruth

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hive-167922 · @cryptictruth ·
$13.99
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.

![Screen Shot 20220614 at 7.58.22 PM.png](https://images.hive.blog/DQmV5zGnoKsPZc9tG4NjvpC8pWfaL96EsbrJ5B3cT4eTuGR/Screen%20Shot%202022-06-14%20at%207.58.22%20PM.png)
[source](https://www.cnbc.com/quotes/COIN)

Armstrong pointed to a possible recession as the broader market is also imploding... He said they need to manage Coinbaseโ€™s burn rate and increase efficiency. In a tweet, he had the audacity to say they grew โ€œtoo quicklyโ€ during a bull market.

![Screen Shot 20220614 at 8.01.34 PM.png](https://images.hive.blog/DQmW72CDQuALGxg5LNbHoGhFT9jDisWtS8LLxjSJ9TmG9sM/Screen%20Shot%202022-06-14%20at%208.01.34%20PM.png)

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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@bozz ·
$0.21
Yeah, that is pretty shady.  I don't think this is the only company that fell into that "bull trap" though. I know several that just grew too quickly given all of the stuff that was going on.  It does suck that it has to be taken out on the workers.  I've never had a ton of love for Coinbase, but for most of us in the US it is a necessary evil to some degree.  I am definitely glad I didn't buy any of the stock when it launched.  It looks a bit more attractive now at $40 per share assuming they can recover.
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@cryptictruth ·
$0.07
Vere true, but I blame executive teams for their failures which they take out on workers while still collecting their huge bonuses.
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@bozz · 
That is a good point.  They probably aren't hurting at all after this.

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@jfang003 · 
Any centralized exchange is risky. After all, your crypto is in their hands and they get to decide what to do with it. Also, the CEO wasn't the only one selling, I am sure the executives of most stock companies were selling their stock when the prices were high. The insiders are always making away with the money.

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@olympicdragon ·
$0.18
CEO buys a luxury pad while sacking workers. The executives and early investors selling shares sounds inside dealing. This is suspicious and should be investigated !
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@cryptictruth · 
It's total inside trading but the rich are above the SEC.
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@ssg-community ·
$0.17
You received an upvote of 34% from Precious the Silver Mermaid!

Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.
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@thecuriousfool ·
$0.18
This will make more people to dislike the rich ones.

This is the problem when you work for someone. They have the power to fire you whenever they want.

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@cryptictruth · 
Yeah I'm hoping this downward move in markets makes people open their eyes to the rich and capitalism. The system is failing and they are doing their best to keep us in the system.
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