60 Coinbase employees approved the takeover bid after CEO Brian Armstrong announced a controversial new policy limiting political activity within the company. Armstrong revealed the number in A. Email on Thursday To employees.
Armstrong Announce the new policy Last week after a summer when several tech companies faced pressure from their employees to become more vocal on social justice issues.
“Although I believe these efforts are well-intentioned, they have the potential to destroy a lot of value in most companies, whether through distraction or by creating an in-house division,” Armstrong Books In a blog post dated September 27. “We’ve seen what an internal struggle in companies like Google and Facebook can do for productivity. And I think most employees don’t want to work in these contentious environments.”
The post sparked a backlash among liberals on Twitter, but Armstrong didn’t hold back. To show his seriousness, Armstrong offered Coinbase employees a generous bonus package – four to six months of salary – if they were not comfortable with the new policy.
“Life is too short to work in a company I’m not passionate about,” Armstrong Wrote.
Armstrong now says 60 employees have accepted the package. Armstrong says this accounts for about 5 percent of the company’s employees. Few employees are still in discussions with the company and may accept it in the coming days.
Armstrong wrote: “For those who have decided to move forward, I would like to thank you for your contributions to Coinbase and good luck.” “And for those who choose the next chapter, I want to thank you for your confidence and commitment to this mission.”
Armstrong said that “people from underrepresented groups” at Coinbase did not accept the bid in disproportionate numbers. Armstrong said he is committed to “building a diverse and inclusive environment in which everyone feels they belong.”
And while Coinbase discourages most forms of political advocacy, Armstrong acknowledged with one exception: that the cryptocurrency itself is “political in nature.” Armstrong wrote that “it is okay to be a politician about this particular region because it is about our mission.”