they work for. My message to these clowns is hit the road, Jack.
Posted on 06/13/2022 7:12:08 PM PDT by dennisw
after workers circulated petition to oust three executives over 80% fall in value of firm A petition posted online called for the removal of several Coinbase executives
The petition has since been pulled down, but Coinbase Chief Executive Brian Armstrong has told employees that if they're unhappy at the company to quit
Petition was said to have been from employees and asked for a 'vote of no confidence' that would remove three executives The three were COO Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock
Petition took issue with Coinbase's 'aggressive' hiring ambitions together with its decision to rescind offers leading to negative publicity Armstrong deemed the petition 'really dumb on multiple levels,' writing that employees shouldn't work at a company if they don't trust its executives
The CEO of Coinbase has told workers who are unhappy at the company to 'quit and find a company you believe in.'
In a series of 16 tweets, Brian Armstrong, the CEO of the cryptocurrency exchange platform responded to a petition that called for the removal of several top executives at the company.
The document, which was labelled 'Operation Revive COIN,' endorsed the removal of chief operating office Emilie Choi, chief product officer Surojit Chatterjee, and chief people officer LJ Brock via a vote of 'no confidence.'
The petition said workers had been hurt as they had to 'deal with the unrealistic demands from said executives and the damage they have caused on a day-to-day basis.'
'We the employees at Coinbase believe that the executive team has recently been making decisions that are not in the best interests of the Company, its employees, and its shareholders,' petition organizers wrote.
(Excerpt) Read more at dailymail.co.uk ...
MORE>>>>
Employees claim the trio of execs, COO Emilie Choi, CPO Surojit Chatterjee, and Chief People Officer LJ Brock, were responsible for ‘executing plans and ideas that have led to questionable results and negative value’ after the company’s stock dropped more than 80% of its value since its market debut last year.
The missteps the employees pointed to include the failure of the Coinbase NFT platform and previously unsustainable hiring for thousands of roles despite failing to hit targets. The workers claim recent moves had hurt the company’s share price and reputation.
Armstrong, however, said the petition was ‘really dumb on multiple levels.’
‘First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :),’ Armstrong tweeted.
Maybe they should try Amway.
He is absolutely right. If you want to be part of the solution: stay. If you want to be part of cancel culture: quit. That being said, the Coinbase board and shareholders should determine if (and how) the house needs to be cleaned.
“..Maybe they should try Amway..”
LOL...Yep.
At least they’d have access to tangible goods.
Need to tell this to Rat voters.
Every generation falls for a ponzi scheme. Head over heels. The too good to be true crowd.
....workers had been hurt as they had to ‘deal with the unrealistic demands from said executives and the damage they have caused on a day-to-day basis...
I am glad I am not just starting out.
Poor, triggered snowflakes with 5 pounds of participation ribbons can go down with the ship, or find a new job
More bubbles to pop, be assured.
Tulips for sale. Cheap.
Like Enron employees working for a company where nobody really knew what the business was? It turns out it was nothing. History repeats itself. Down deep the employees know.....
CryptoTuplips crash & CryptoTech eating their own:
Coinbase [”wallet” company] loses 80% of its value and employees revolt:
‘Quit and find a company you believe in’: CEO of Crypto wallet Coinbase tells unhappy staff to leave after workers circulated petition to oust three executives over 80% fall in value of firm
A petition posted online called for the removal of several Coinbase executives
The petition has since been pulled down, but Coinbase Chief Executive Brian Armstrong has told employees that if they’re unhappy at the company to quit
Petition was said to have been from employees and asked for a ‘vote of no confidence’ that would remove three executives
The three were COO Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock
Petition took issue with Coinbase’s ‘aggressive’ hiring ambitions together with its decision to rescind offers leading to negative publicity
Armstrong deemed the petition ‘really dumb on multiple levels,’ writing that employees shouldn’t work at a company if they don’t trust its executives
Are you positive they did not have stock options and therefore own shares in the coinbase?
I’m not sure if its public or not, nor do I care enough to look. Just suggesting a possibility.
I’m a little tired of CEOs with unpronounceable names.
Sorry.
Worth noting that Coinbase sold out their customers who held Bitcoin and other crypto through their service *to the Canadian government* when the Kanuk government decided that they were going to seize the assets of people who disagreed with anything they said.
There has since been an exodus.
Good. Then soy boys will lose their jobs so they'll have to apply for new jobs at Starbucks.
I assume that stock options are an important part of this corporate mutiny.
If their accounting can be believed, this company was making a lot of money. Trailing 12 months - $7.2 billion revenue - $2.42 billion after tax net profit.
Less than eight months ago, this company was worth almost $80 billion in market cap.
Today's market cap - $11.5 billion.
Below - a 14 month weekly stock chart of Coinbase.
Current price - $50.78
I strongly disagree with that claim.
Enron was the largest trader of gas, oil, and electricity in the world, and it was hugely profitable.
When fraud was discovered in other parts of Enron, and the Feds paralyzed Arthur Anderson, which was Enron's auditor, trading came to a screeching halt, because other trading companies have to be 100% confident that you can cover all your contracts.
If the Feds had surgically separated Enron Trading from the rest of the corporation, at least 50% of Enron's stock value would have been preserved.
Instead, the Feds deliberately destroyed 100% of Arthur Anderson and Enron.
Complete insanity!
I realize I’ve been out of the workforce for twenty + years, but...Chief People Officer?!?!?!?!?!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
