Coinbase loses 60 employees after CEO pledges apolitical culture
Approximately 60 Coinbase employees resigned after CEO Brian Armstrong stated that the company will have an "apolitical culture". Yahoo Finance's Dan Roberts shares the details.
JULIE HYMAN: We recently talked about Coinbase and said that politics basically has no place in your workplace. And apparently the staff didn't like that.
DAN ROBERTS: Some didn't, Julie. And it depends on whether you think 5% is a big number or not. I think it's a significant number.
But the update from Brian Armstrong, CEO of Coinbase, who posted this memo almost two weeks ago, the Sunday before last, saying he wanted his company to be apolitical. We will not comment on social issues. We also don't want to be a place where employees discuss politics or discuss them in the workplace.
He updated some transparency yesterday by saying that since posting this memo when they heard a bit of squeak from employees, he has emailed the entire company offering a generous exit package for anyone who wants to leave if they don't. I don't like his memo. He updated yesterday that 60 employees have left so far. That is 5% of the employees. Sounds like a significant number to me. 60 employees leave the company because of the CEO's memo on politics or lack of politics.
You know, my own opinion, Julie, was that this was almost a bit of my own. And that means if you want to be a company that doesn't speak up on social and political issues, then just don't do it. But why post a memo to specifically announce that we won't? And of course the answer is that it was in response to an incident that reportedly happened at a Company town hall where someone asked [inaudible] Black Lives Matter, and Brian Armstrong really didn't answer the question.
But you know you almost just think that they could have avoided this simply by not posting the memo, and you know he hopes the company isn't political for itself.
JULIE HYMAN: Yeah. It seems like a high number to me too, especially in this job market, Dan. Thanks for the update on this.
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