So, lemme get this straight? Slashes the workforce by 2/3rds “today” with no financial reason to. “Takes responsibility” and resigns (Needed a well earned break), probably keeps his sweet, sweet founder shares and gets a noice send off. Definitely keeps the board seat. What a hero!
I’m sure the departing staff will line up with their boxes to give him a guard of honour as they all leave the building together. It’s like a fairy tale really.
> However, TechCrunch confirmed with someone with knowledge of the situation that Pitch essentially returned all unspent cash to its investors pro rata, reducing the investors’ ownership stake in the process. This means that current and past employees (including all the founders) now own 80% of Pitch, while the company has enough cash to see it through a couple of years either to profitability, or to a point where it can sell at a lower price than its previous valuation (which was $600 million in 2021).
Interesting data point with regards to ownership interest and incentives.
Yeah, I had the same thought. I’m actually usually levelheaded about this stuff, sometimes bad things happen.
This post just set me off and I dunno why. The post itself felt really sanctimonious and self unaware, then the reactions were from bizarro world. Every one was congratulatory, with next to no consideration about the people that just got the unceremonious boot.
I’m sure the departing staff will line up with their boxes to give him a guard of honour as they all leave the building together. It’s like a fairy tale really.