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His expectations seem to be on the level of faang tech lead or staff, probably even more involved consider he keeps using “CTO”.

Starting up and maintaining any sort of community sounds like an intense position, especially over 3-6 months. This sounds like a “sleep at your desk” situation

$250/6 mos is excellent pay, but 1/2 of that, $120/6mos is just normal "sr eng" pay.

But considering this is contract work, with no benefits, and involves solving a puzzle - aka success may be completely out of your control - it's not really that good of an offer, imho.

Someone may take it up for the fun though, or if they just happened to be laid off.

I'd agree with you and reaffirm that I think his statement is more focused towards the types of tech leads, as millionaires, from the Bay Area.