Trucking startup Convoy closes operations with no buyer

Post by otteromkram » Thu, Oct 19, 2023, 10:25 PM UTC

lelandbatey wrote: post #213

netbioserror wrote: post #187

Earlier quoted context omitted.

Boilerplate vapid moralizing nonsense. Are you assuming there's some magic stockpile of millions upon millions hiding somewhere that could be used to sever all of these people? You've already been told this is fantastically unrealistic for a startup bankruptcy. Unless you can suggest where to find the funds, you need a reality check.

There's been some pretty clear suggestions up thread on where to find the funds, namely "several months ago in the past". To be more clear: The business (Convoy) should have shut down in e.g. August of 2023 when it was clear that they still had enough cash to pay out severance and still cover the expenses of winding down the business. They did not take this option, choosing to instead risk it all that they could brin…

Post by don_neufeld » Thu, Oct 19, 2023, 10:26 PM UTC

benced wrote: post #72

vogt wrote: post #55

Earlier quoted context omitted.

>CEO said there'll be no severance or healthcare. Classy. Learning a lot about how certain people treat their employees during these last couple of admittedly insane years. Good for future reference, I guess - though not much solace now. I feel for the employees. Edit: Wow, more responses than I thought! I admit that the tone of my comment was too reactionary, but my opinion stands. I won't modify the original commen…

Ex-Convoy employee here: if a company is shutting down, it obviously can't provide severance. It's not a matter of class or not.

Post by mixdup » Thu, Oct 19, 2023, 10:31 PM UTC

MaxHoppersGhost wrote: post #329

mixdup wrote: post #251

Earlier quoted context omitted.

regardless, C-level salaries were probably high enough that they can skate by a while without a salary for a bit and pay for marketplace healthcare coverage if absolutely necessary

Everyone's salaries were probably high enough to skate by for a bit... it's a tech company not a burger king.

Post by joneholland » Thu, Oct 19, 2023, 10:32 PM UTC

hintymad wrote: post #228

wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

Any insights on how effective the CEO and the executives were? I'm very curious how successful executives from big companies like Amazon function in a startup.

Post by cma » Thu, Oct 19, 2023, 10:35 PM UTC

ditonal wrote: post #328

JumpCrisscross wrote: post #260

Earlier quoted context omitted.

> It's swell when people gamble with employees well-being on the miniscule odds of a miracle You don't know the odds ex ante ! Again, they would have been roundly criticized if they'd prioritized severance (which means more for the highly paid) and preferred stockholders over their rank-and-file common holders. > Unemployment benefits don't come anywhere close to tech salaries! They take time to process You're arguin…

So tired of companies that raise hundreds of millions from some of the wealthiest and most powerful people in the world trying to pull the “we’re a startup” card. You’re not two dudes eating ramen in a garage and you don’t get to use that image to excuse your shitty behavior. Also tired of the “other people in poverty are exploited even worse! You asking for basic labor protections shows your lack of empathy for them…