Sometimes, reading HN comment sections reminds me that about 99.8% of techbro-dom is filled with varieties of sociopathy stark and malignant enough to make even Patrick Bateman blush. Today’s one of those days. “I’m gonna ignore the thousands of people that just got shunted into having to file unemployment while they dig for jobs in the worst unemployment crisis my generation’s seen thus far; and go as far as to imply that the bank account of a C-suite scumbag matters more than the morale and loyalty of the ‘must-keep’ employees, and matters MUCH more than the employees we just consigned to unemployment, bounced bills, and potential homelessness!”
Disgusting.
This is the best summary I could come up with:
One of Spotify’s top executives cashed in more than $9m (£7.2m) in shares as the value of the world’s biggest music streaming service surged after it announced it was laying off almost a fifth of its workforce to cut costs.
Paul Vogel, Spotify’s chief financial officer, moved to sell the $9.4m worth of stock on Tuesday, a day after investors sent the company’s share price soaring in response to reports that the cuts would help it sustain profitability amid slowing economic growth.
On Monday, the day of the cuts announcement, it surged to $194 rising to $199 on Tuesday, when the SEC filing shows that Vogel sold 47,859 shares.
Investors have continued to fuel the share price, , which hit a 52-week high of $202.88 during trading on Wednesday, valuing the Stockholm-based company at $37.9bn.
The sale of stock immediately after a round of cuts is completely legal, but the optics of appearing to cash in on a share-price surge as many staff face redundancy at Christmas are not the best.
In June, the company ended its multimillion-dollar deal with the media group run by Prince Harry and his wife Meghan, the Duchess of Sussex, by mutual agreement.
The original article contains 451 words, the summary contains 198 words. Saved 56%. I’m a bot and I’m open source!
