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What they write:

"As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me. "

What he totally forgot to mention:

"I also take a pay cut to reduce the opex burden on the company and to retain as many FTE as possible"

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Silicon Valley (the satire TV show) already covered this exact scenario. Mike Judge is a brilliant writer.

https://youtu.be/u48vYSLvKNQ?t=17

Amazingly on-point. The entire show, at least the first few seasons, is still a mirror of reality in SV.

"Some of you may die, but it's a sacrifice I am willing to make," - Lord Farquaad

His salary is like $300k and the stock options he was granted as the pandemic growth hit break even at some $300/share (it's $9/share right now).

In the past year he sold $55 million of shares. Let's don't be too credulous about cries of poverty.

Sure but that's not opex (the context of this thread). That's stuff he has by virtue of founding the company.

Eh, does he deserve $55M for founding a f(l)ailing company? If he wasn't a founder, would you say "No, never mind the $55M he pulled out of the company last year, last year everything was fine. The massive cash shortfall the company is experiencing today has nothing to do with those $55M that are no longer in the company's coffers."?

Mate, ultimately the point is that if you sell $55 m of your stock in a company you're not taking money out of the company. That stuff ceased to be owned by the company when those shares (or derivatives that control them) were granted (way before this point).

I think ultimately the point is that this guy who fucking sucks at running a company made $55mm, and several hundred people just lost their jobs due to his ineptitude. Seems pretty cut and dried to me that he's a pile of shit; if he really cared about his employees he would truly take responsibility and reinvest some of his money in the company.

> The massive cash shortfall the company is experiencing today has nothing to do with those $55M that are no longer in the company's coffers.

Do you not understand how stock sales work?

The $55M didn't come from company coffers. It came from pension funds, hedge funds, and retail investors on the other side of the sale.

"I'm a founder and you are just OPEX" is how people get put up against walls.

Elsewhere in the thread, others mention he was paid 800 million in stock awards in 2021. Do you have some other supporting info?

The 800 million number seems to be better supported via a quick search - https://www.execpay.org/executive/vladimir-tenev-42307/r-186...

Page 68 and on of the Schedule 14A filed with the SEC, published this May. The $300 I was referencing was the top price target of the PSUs that make up his comp.

"Some of you may die, but it's a sacrifice I am willing to make"

ZAPP: Men, you're lucky men. Soon you'll all be fighting for your planet. Many of you will be dying for your planet. A few of you will be forced through a fine mesh screen for your planet. They will be the luckiest of all.

Lord Farquad and Zapp B would make great CEOs.

swinging the ax I take full responsibility for this

This axe is heavy, and the destruction wrought by it saddens me. I need to be compensated for this.

"One who passes the sentence should swing the sword"

If it's good enough for a lord, must be good for the CEO.

Are you complaining that when they cut their pay from 400k to 32k that wasn’t enough? Or are you complaining that they didn’t cut their 32k salaries down further?

Which people did that?

I mean, if you think "salaries" doesn't include 800MM in bonuses (the number that's been thrown around), then you're speaking differently than others in the thread.

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