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They made a deal with the devil (went public) that made many of the employees and shareholders wealthy, and now the price is being paid. The rules have changed
by jly 9y ago
They made a deal with the devil (went public) that made many of the employees and shareholders wealthy, and now the price is being paid. The rules have changed and the primary goal now is maximum profit above everything else, no matter how many speeches about "social responsibility" they may deliver internally or externally. The opening quote by Friedman tells you everything you need to know.
- jartelt 9y agoThey agreed to pursue profits back in 2006 when they raised a Series A and then affirmed this when they raised Series B, C, D, E, and F rounds. It's unfair to pin this on going public. Profit and growth has been the name of the game since they first raised outside capital from VCs. If employees didn't want to be part of capitalism, they probably should have picked a non-profit or a private company that didn't raise >$100M in VC funding.