this post was submitted on 10 Nov 2023
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CEOs of crashed tech upstart Bitwise accused of swindling $100M from investors - Duo paid themselves $600K salaries as the cupboard was emptying (www.theregister.com)
submitted 10 months ago by L4s@lemmy.world to c/technology@lemmy.world
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CEOs of crashed tech upstart Bitwise accused of swindling $100M from investors - Duo paid themselves $600K salaries as the cupboard was emptying::Duo paid themselves $600K salaries as the cupboard was emptying

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[–] mesamunefire@lemmy.world 6 points 10 months ago* (last edited 10 months ago)

Its a little of both. Like most orgs there were some who did their job and did it well. The org was in existence for a little over 10 years. Most of that time, they didnt have venture capital. They were a very small org that suddenly got big and decided to expand outside their local community. There were parts that were very profitable, just not the building and how top heavy it got at the end. Both CEOs would take month long vacations and leave us to do....whatever it was they did. The family/friends thing was definitely a problem.

The unlimited vacation was a kind of red flag to me. Most orgs who do that really just want you working 24/7 and not take any real time off. Also 401k took 3 years to vest but no partial vesting period. It was all or nothing.