A lot of these rescind offers are popping up on my social feeds. The majority appear to be foreign nationals who require work sponsorship to stay in the US.
Coinbase is rescinding already-accepted job offers
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Re: Coinbase is rescinding already-accepted job offers
#112Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…
> Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects.
As you note, since it was a direct listing and not an IPO, there isn't really an analog to many other companies.
My opinion about why they did a direct listing is because institutional investors didn't want to touch it, and that memetail traders (a portmanteau of meme and retail) are undiscerning at any valuation.
The company didn't sell any shares or make any money from the direct listing itself, so that means the only people that could make money or provide any shares for making a market at all would be existing shareholders that have a lot of shares. It's impossible to levy criticism both ways simultaneously, just to smugly pat yourself on the back, but there are other reasons to.
The other benefit of an IPO (to a trader looking for earliest exposure) is the stabilizing bid from the syndicate, a brief period of more legal market manipulation where a consortium props up the price. A significant reason I avoided Coinbase's attempt at a 100 billion dollar direct listing is because there would be no stabilizing bid and retail doesn't have enough capital to simulate one.
Re: Coinbase is rescinding already-accepted job offers
#113Earlier quoted context omitted.
Crypto has boom and bust cycles. It will be back again, and mania will happen again.
Past booms are no guarantee of future booms. Fundamentals of crypto don't appear sound to me. So I wouldn't put much stock in them.
The next will be the same as this one, s*tcoins will lose most value, while Bitcoin and Ethereum will retain a reasonable amount of value. The problem is suckers think the altcoins are going to be their ticket to riches. Those that get in early do indeed gain, but those that are late to the scheme end up holding the bag.
Re: Coinbase is rescinding already-accepted job offers
#114Probably an unpopular opinion here but I think they handled it in a classy way. Severance and assistance with your job search? That’s very nice of them.
Other companies like Meta rescinded too, I’m not sure if they offered severance. Maybe just a generic email?
Re: Coinbase is rescinding already-accepted job offers
#115"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…
>you aren't doing it humanely
not sure how you can do it humanely. what does "humanely" got to do with business decision?
Re: Coinbase is rescinding already-accepted job offers
#116"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…
How do you do it humanly? If it were me I’d rather get an email
How about an email from the executives who made the mistake of driving the company into the ground, who are humanely (or even humanly) resigning, so that you could be paid your salary that they'd promised you?
All the stock that the executives dumped could easily pay the salaries of all the people they screwed. And by resigning, they would open up some nice corner offices for all the people who they hired while fully knowing they were going to need to fire a lot of people soon.
https://cointelegraph.com/news/coinbase-insiders-dump-nearly...
>Coinbase insiders dump nearly $5 billion in COIN stock shortly after listing
>After an edict to remain "mission focused," Coinbase executives have succeeded in making themselves a fortune.
>Insider activity reports for Coinbase’s COIN stock indicate that multiple early investors and executives sold billions in equity shortly after COIN’s direct listing. While the filings initially indicated that multiple executives sold a high percentage of their stake in the company, a representative for Coinbase told Cointelegraph that the sellers maintain strong ownership positions.
>Data from Capital Market Laboratories and confirmed by filings on Coinbase’s Investor Relations website shows a total of 12,965,079 shares were sold by insiders, worth over $4.6 billion at COIN’s $344.38 per share Friday close.
>Notable transactions include Coinbase CFO Alesia Haas selling some 255,500 shares at a price of $388.73 (though her Form 4 states that she retains options), while CEO Brian Armstrong sold 749,999 shares in three transactions at various prices, netting a total of $291,827,966.
>According to his Form 4 disclosure, after the sale Armstrong retains 300,001 shares worth over $1 billion. In a filing prior to the direct listing however, he was reported to have 36,851,833 shares, indicating that he sold just over 2% of his stake in the company.
Re: Coinbase is rescinding already-accepted job offers
#117Is this legal in the US?
Everywhere except maybe Montana, the only non-at-will state. edit: Not even Montana. At-will for the first six months; fire for any legal reason. Protections kick in after that.
Even if the Montana non-at-will provisions kicked in immediately, would it matter?
Non-at-will usually just means that that the company can only discharge people for categories of reasons enumerated in the law. In at-will states the company can terminate for any reason except for reasons that are specifically forbidden by law.
The acceptable reasons to discharge people in a non-at-will jurisdiction is likely to include reducing costs when the business is facing a downturn.
Re: Coinbase is rescinding already-accepted job offers
#118LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.
How would linked in even know with any certainty that such a thing happened?
Recruiting may have had nothing to do with Linked in.
I don’t expect them to police other companies this way for me.
Re: Coinbase is rescinding already-accepted job offers
#119LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.
LinkedIn (a subsidiary of Microsoft Corporation) has the worst "activity feed" algorithm I have ever seen. It is a dopamine-poking, engagement-optimizing mess. So I have very little confidence they would do anything for ethical reasons over money.
Re: Coinbase is rescinding already-accepted job offers
#120Earlier quoted context omitted.
Like tulips. Still waiting for the bull market there. https://en.wikipedia.org/wiki/Tulip_mania
Yes, I referenced tulip mania to the Coinbase recruiter. It's probably going to collapse worse.
Losing everything ... what a nightmare
„Taiwanese Ends His Life After Losing $2 Million Luna Investment„
https://coinquora.com/taiwanese-ends-his-life-after-losing-2...