Coinbase cuts staff by a further 20%
coinbase.com
Coinbase cuts staff by a further 20%
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Re: Coinbase cuts staff by a further 20%
#2Sorry a slight error in the title.
Operating costs reduced by 25%, but it's actually roughly a 20% reduction in workforce (950 employees out of ~4700)
Re: Coinbase cuts staff by a further 20%
#3[deleted]
Re: Coinbase cuts staff by a further 20%
#4First I was thinking, "hey maybe the recent downturn in crypto will weed out the most obvious nonsense"
But now I see #1 story on Coindesk "Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000%"
So I guess we are not there yet
Re: Coinbase cuts staff by a further 20%
#5>accountability rests with me as the CEO
There it is. Rings incredibly hollow when the same line was trotted out just a few months ago with zero impact or meaning behind the statement, given it clearly didn't change anything.
Re: Coinbase cuts staff by a further 20%
#6First I was thinking, "hey maybe the recent downturn in crypto will weed out the most obvious nonsense" But now I see #1 story on Coindesk "Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000%" So I guess we are not there yet
It's a pump and dump with most of the tokens centralized in top 20 wallets. Crypto needs to die.
Re: Coinbase cuts staff by a further 20%
#7>accountability rests with me as the CEO There it is. Rings incredibly hollow when the same line was trotted out just a few months ago with zero impact or meaning behind the statement, given it clearly didn't change anything.
Yep.
Also, Coinbase sells unregistered securities.
Re: Coinbase cuts staff by a further 20%
#8They literally had people with 1-2 years of experience conducting interviews last I remember. They were on an unhinged hiring spree before they ipo’d, so this was coming no matter what.
Re: Coinbase cuts staff by a further 20%
#9More precisely, this is what they actually did:
"Therefore, I've made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people
(..)
(1) Comprising Sales and Marketing Expenses, Technology and Development + General & Administrative Expenses, including stock-based compensation and excluding restructuring expenses and Other operating expenses"
(..)
In futher news, highly recommend Ben Thompson's recent interview with Brian Armstrong.
Re: Coinbase cuts staff by a further 20%
#10>accountability rests with me as the CEO There it is. Rings incredibly hollow when the same line was trotted out just a few months ago with zero impact or meaning behind the statement, given it clearly didn't change anything.
> accountability rests with me as the CEO
"As the accountability rests with me, I will be taking a 25% cut on my $60 million bonus this year"