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How did they manage to spend 68M on it? Genuinely asking or is the number not accurate as it is clumped together with other stuff?
I don't know what event planning costs but running an event for ~10k people that includes flights, hotels, food, event space, etc. is expensive I guess.
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You have to compare it to what else they could have done with the money, such as investing in their own growth, or even giving it back to shareholders if they had no good ideas what to do with the money.
I did! If they invested it in themselves it would have been a 50-75% loss, same with doing a buyback (return the cash to stockholders) at a high stock price. Dunno what better proxy I could use for how it would have went other than their actual stock price. Unless we are to think their next best idea that they didn’t invest in would have done better than all the other things they did invest in. But that’s very specul…
If they truly were unable to find a reliable investment then they should have given the money back to shareholders instead of speculating on a non-productive non-asset with awful negative externalities.
Describing it as a “party” feels misleading. It was a company-wide offsite for an essentially fully remote organization. Was it necessary? Probably not. But I found the in-person time valuable, especially with teammates I’d never met face to face. Source: I was there
How did they manage to spend 68M on it? Genuinely asking or is the number not accurate as it is clumped together with other stuff?
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> I believe this isn't a money thing. What are you even talking about? Why does ANY business get rid of people? For funsies? X_X
> Why does ANY business get rid of people? Some people are negative value even if their salary was $0.
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I've been to all hands where it probably cost that much just in travel: business class LHR to SFO, hotel for a few nights, dinners, drinks, entertainment, venue, guest speakers, and on and on. It doesn't seem excessive, the networking in these things is often really worth it
In what business is everyone in the company going business class?
It's really worth it when you get off a 12 hour flight and have to go straight into hours of meetings without being a zombie
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$68M/10000 employees = $6800/1 employee A lot? Not a lot? Don’t know anymore.
It's on the high side, but...honestly not absurd? "Party" implies one night rager, but the source says "in-person company event." That seems more like a multi-day company onsite to me, and the total bill per person there probably includes travel, accommodations, food on top of any overall event costs. Bringing a remote employee to SF just to work out of an office for a few days can easily cost a few grand.
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It's on the high side, but...honestly not absurd? "Party" implies one night rager, but the source says "in-person company event." That seems more like a multi-day company onsite to me, and the total bill per person there probably includes travel, accommodations, food on top of any overall event costs. Bringing a remote employee to SF just to work out of an office for a few days can easily cost a few grand.
$6,800 per person is absolutely absurd. If the event lasted an entire month, that's still $225 per person per day.
Describing it as a “party” feels misleading. It was a company-wide offsite for an essentially fully remote organization. Was it necessary? Probably not. But I found the in-person time valuable, especially with teammates I’d never met face to face. Source: I was there
The crucial point is, was it an unnecessary expense?