381–390 of 639 posts
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I understand what you're saying, but I think you may be missing my point, which is: Jeff Bezos's reputation is damaged by this. I will not work for anything he touches because I don't think he's behaving decently.
What does Jeff Bezos have to do with Convoy?
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> they may choose to use funds belonging to the company (after paying outstanding obligations) to pay severance If they can do this, they can pay salaries another month. Making a go/no go call at the edge is difficult. It sounds like Convoy thought it was getting a loan that didn’t come through. Put another way: if the CEO shut down the company while loan negotiations were in place, it would have zeroed out the commo…
> If they can do this, they can pay salaries another month If leadership decides to use the remaining funds on salaries rather than severance - then they should be judged on that! What good is buying one extra month for a doomed company? That month is more valuable to individual employees who can use it to look for new jobs
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If things are so dire today that they have no money and must shutdown immediately, they were dead in the water 6-8 weeks ago anyways. The company isn’t going to be miraculously saved during that time, so just take the cash you used to pay your employees to rearrange chairs on the sinking ship, call it 2 months early, and pay out their severance/health care during that time while they look for new jobs.
The company can certainly be saved in a period of months. FedEx supposedly had less than a week of jet fuel opex remaining when the founder decided to try to win the missing money by gambling. https://www.google.com/amp/s/www.businessinsider.com/fedex-s...
FedEx was already shafting their pilots for months before this. Bounced paychecks, pilots paying for jet fuel on personal credit cards, and more.
If I was a pilot there, I'd have said "Fuck you, Fred", even though he won. How sociopathic do you have to be to gamble company money (sorry, isn't that a felony?) while bouncing paychecks?
And yet you'll still have people here applauding your hustler mentality, apparently.
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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…
I was with you until you mentioned unions. tech is fundamentally incompatible with unions for several reasons: 1. it will drive down the wages and give power to just another bureacracy 2. Union participation does not differentiate between highly skilled (and sought after) tech worker, from mediocre tech worker who gets by using copilot and chatgpt 3. I dont need union to negotiate with company on my behalf - I can ne…
1. Hollywood unions disprove this
2. Hollywood unions (SAG, DGA) disprove this
3. Unions don't mean you can no longer negotiate. DiCaprio still does
4. One upside: Unions represent members who are no longer able to work
5. Hollywood unions have some pretty specialized folk and it works well for them
The things you can negotiate for are capped at the value of your work. You can't forbid your employer from replacing you/your teammates with AI foe instance, but unions can, because the collective value of their output is beyond what the employers may gain from ML models. Not so on the individual level.
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>What makes you think the executives are making anything from this? If the CEO was still speaking for the company then he's being paid.
I don't know about Convoy specifically but generally speaking it's not even certain a CEO is getting a paycheck at all , even when the company is still solvent. Some take all their compensation as stock, especially while it's early days and risk is high. If it's not certain they are getting paid even while things are still working, how can you say he is getting paid after running out of money? Unless you mean "paid w…
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Given that you were in the company and presumably have an idea of how the company functions: where did the funding go? $260M gone in 1 year? "Convoy, which raised $260 million in a funding round last year that valued the business at $3.8 billion, on Wednesday told employees in an email that it would stop accepting shipments until further notice and that it was rescheduling or canceling existing loads." (wsj)
>1,000 employees means a burn rate in the hundreds of millions per year just on the costs of having employees, $260m burned in a year sounds about right for a company of that size.
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COBRA isn't employer-paid healthcare, its an ex-employee option to pay for the previously-employer-offered plan, while the employer offers a plan to current employees . If there are no more company operations and no current employees, there is also no plan and no COBRA. This could also be an issue if a company restructured so it didn't have to offer employees health care because of size or everyone being part time or…
Cobra is such a huge slap in the face too for most people. We know you just lost your income as of today, but do you wanna buy this health insurance plan for 3K a month?
If your employer was paying $3,000/mo for your insurance, it's going to be $3,060 for you.
Fuck whichever lobbyists made sure that was allowable.
Edit: corrected per the reply.
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> CEO said there'll be no severance or healthcare. That should be illegal. How much are the executives making from this? I'm really sorry you're in the middle of this. I hope you can find a better job soon.
What makes you think the executives are making anything from this? It's a startup, it ran out of money, it failed, there is nothing left. Joining a startup is risky.
Accrue the money, bankrupt one month earlier. Pay the money.
Of course this means companies think twice before hiring anyone.
You were paid a salary for your services while you were employed. You didn't give more, they didn't pay less. Now you're not - that's the end of the contract.
Yes, it's a nice thing some companies do when they lay people off but that can't be an expectation.
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> if a company is shutting down, it obviously can't provide severance Not really true. The company is owned by its shareholders, and they may choose to use funds belonging to the company (after paying outstanding obligations) to pay severance, or they may divide the funds among themselves. If there are no funds, they can choose to invest more to pay severance. Obviously they're unlikely to want to do that, but it's n…
> choose to invest more to pay severance This is not a thing that happens in reality.