Sixty Coinbase employees have accepted a buyout offer after CEO Brian Armstrong introduced a controversial new coverage curbing political activism inside the corporate. Armstrong disclosed the determine in a Thursday e mail to employees.
Armstrong introduced the brand new coverage final week after a summer time when many expertise corporations confronted strain from their employees to turn into extra outspoken on problems with social justice.
“While I think these efforts are well-intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division,” Armstrong wrote in a September 27 weblog submit. “We’ve seen what internal strife at companies like Google and Facebook can do to productivity. I believe most employees don’t want to work in these divisive environments.”
The submit prompted a backlash amongst liberals on Twitter, however Armstrong did not again down. To point out he was critical, Armstrong supplied Coinbase employees a beneficiant severance package deal—4 to 6 months of wage—in the event that they weren’t comfy with the brand new coverage.
“Life is too short to work at a company that you aren’t excited about,” Armstrong wrote.
Now Armstrong says that 60 employees accepted the package deal. Armstrong says that is about 5 % of the corporate’s headcount. A number of extra employees are nonetheless in discussions with the corporate and will settle for it within the coming days.
“For those of you who have decided to move on, I want to thank you for your contributions to Coinbase and we wish you the very best,” Armstrong wrote. “And for those of you who are opting in to the next chapter, I want to thank you for your trust and commitment to this mission.”
Armstrong stated that “people from under-represented groups” at Coinbase didn’t settle for the buyout offer in disproportionate numbers. Armstrong stated he was dedicated to “building a diverse, inclusive environment where everyone feels they belong.”
And whereas Coinbase is discouraging most types of political advocacy, Armstrong acknowledged one exception: that cryptocurrency itself is “inherently political.” Armstrong wrote that he’s “OK being political about this one particular area because it relates to our mission.”