Things Not Looking Good on the Inside at Coinbase

Link to original article: https://www.marketwatch.com/story/after-petition-for-leadership-changes-coinbase-ceo-tells-workers-to-quit-if-they-dont-believe-in-top-execs-11654898961?siteid=yhoof2

Brian Armstrong (CEO Coinbase) put a portion of his employees on blast in a 16 segment tweet storm yesterday afternoon. There was an anonymous petition posted to a decentralized publishing platform mirror.xyz which called for the removal of COO Emilie Choi; Chief Product Officer, Surojit Chatterjee and Chief People Officer (that’s a new one for me) LJ Brock for being “the most prominent executives who have been executing plans and ideas that have led to questionable results and negative value.”

We all know crypto across the board is down a lot right now, from the previous all time highs. Volatility in these markets isn’t something new and should be expected. Additionally, Coinbase’s stock price has dropped from its ATH of $368.90 in the beginning of November 2021 to where it currently sits at the end of the day from Friday at $58.10 (down a lot from all time highs; EDIT: math not my strong point haha, not 600%). I think it can be agreed that Coinbase’s valuation during its run up in November was overcooked but regardless that’s a big drop and I think it’s perfectly fair for management to be called into question.

The thing that bugged me the most about the tweet storm was where he talked about praising in public and criticize in private. I would reckon there’s not a lot of trust inside the company (or many workplaces in my experience) that anything would come from criticizing in private because so much gets covered up these days. That’s just my opinion though, whose to say those issues haven’t been brought up in private and weren’t addressed or were deemed not valid to be followed up on? Or even that those issues are even accurate at all?

TLDR: markets rocket up = everyone is happy; markets crash down = everything is on fire

If you read down this far throw your favorite gif or joke in the comments, testing to see who reads the whole post.

EDIT: retracting 600% comment, irregardless it’s down a lot and not the point of the post.