Gravity Payments will soon be bankrupt, bet on it.
Well he’s putting his money where his mouth is. I just wonder if he ran this by his CPAs and if they did some financial forecasts for him, to see if this works long term. I also didn’t know that credit card processing could be so profitable.
I doubt it. He cut his 1 million dollar salary to give about 30 employees a 30K increase in salary. Basically it is a zero sum after all said and done. The only way he could do this is if his already has a couple million stashed away already. He is young so he will be fine by retirement. I think it is rather a great idea. Why not? It is capitalism at its finest. A company doing what it wants without government involvement. I wonder if other companies will follow. I wonder if some CEOs really need 45 million a year to live on. That is there right to make that money but how much does one need to survive extremely well for life?
No need to bet. He’ll be through in six months or less.