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(Bloomberg)   Snap CEO to employees: Since you failed to reach internal targets that you were never told about, you're not getting a bonus. Oh, and I'm giving myself a $600 million bonus   ( bloomberg.com) divider line
    More: Facepalm, Snap, Initial public offering, Spiegel, Officer Evan Spiegel, Snap Inc., company, Google, Spiegel's management  
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1874 clicks; posted to Business » on 01 Mar 2018 at 2:05 PM (33 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



36 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2018-03-01 01:35:02 PM  
How much is Fark bonus?
 
2018-03-01 01:55:28 PM  
'Murica.
 
2018-03-01 01:59:46 PM  
I don't use it, but my understanding is that the UI and UX have somehow gotten ever worse.

Also, a greedy asshole running a tech company. Let me fetch my fainting couch from over in the Pol tab.
 
2018-03-01 02:03:37 PM  
one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.
 
2018-03-01 02:05:22 PM  

Gubbo: my understanding is that the UI and UX have somehow gotten ever worse


Looks the same to me.
public.snapon.comView Full Size
 
2018-03-01 02:05:31 PM  
Thus ends the Snapchat eea.
 
2018-03-01 02:22:49 PM  
Spiegel, who has the majority of voting power at the company along with co-founder Bobby Murphy, prefers executives who don't challenge his ideas, according to people familiar with his meetings. Most managers who have departed since the IPO, including the leaders of engineering, sales and product, were succeeded by internal candidates familiar with Spiegel's management style. Michael O'Sullivan, a July replacement for the departed general counsel, was an external hire but no exception to the rule; he had previously worked at a law firm with Spiegel's father, and represented Spiegel in negotiations with the company for his voting rights and IPO bonus, which amounted to $636.6 million.

Son of an attorney who doesn't listen to differing opinions. If Microsoft or Facebook doesn't pick them up, this idiot is going to run the company into bankruptcy.
 
2018-03-01 02:35:57 PM  
img.fark.netView Full Size
 
2018-03-01 02:35:57 PM  
It's only fair. Without that bonus he might feel sad and lose his motivation. He does a a few thousand times more work than you anyway.
 
2018-03-01 02:40:04 PM  
Every time I see a story like this, it makes me very happy I never tried to get a job in silicon valley.
 
2018-03-01 02:46:47 PM  

Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.


I've told my folks that if my employer ever goes public, I'll most likely quit almost immediately. My dad in particular can't understand why I'd do such a thing - poor guy is stuck in the mindset that going public won't affect the culture of the company, and that I just "hate Capitalism".

Nah man, as soon as we start working for stock holders instead of our customers, I really don't need to be here. I like making things people buy because they want and need them, and I like knowing we focus on making high-quality stuff. The SECOND investors get involved, focus will shift to getting as close as possible to running a racket without anyone realizing. No. Thank. You.

Plus, I can walk 15 feet to the company owner's office and ask him how his wife is doing, and how his house is holding up in the rain and wind. Literally right now. If/when we get bought out (President is looking to retire soon), my boss will probably be in farking Canada a thousand or so miles away.
 
2018-03-01 02:47:36 PM  
Bastille?
 
2018-03-01 02:52:15 PM  

Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.


Unless the rank and file have a significant chunk (see Home Depot), you are absolutely right. HD managed to keep it pretty much together until Blank left.
 
2018-03-01 02:55:06 PM  

Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.


You realize that the employees are only loyal because of the promise of untold riches when the company IPOs??
 
2018-03-01 02:59:40 PM  

boozel: I've told my folks that if my employer ever goes public, I'll most likely quit almost immediately. My dad in particular can't understand why I'd do such a thing - poor guy is stuck in the mindset that going public won't affect the culture of the company, and that I just "hate Capitalism".


My brother worked for UPS when they were private.  They had a doctor ON SITE for their 300 drivers, dynamite savings plans, and all kinds of other great benefits.  Then UPS went public, and all the perks went out the window.  The whole environment became toxic after that.  Every day at end of shift, each driver would be berated by management for backing up too much (seriously), not making fast enough drop offs (on a very sparse route), or failing any one of a number of the most petty rules you ever heard of.

Going public is the worst thing you can do to a work force.
 
2018-03-01 03:08:12 PM  
Well good for him.  He's going to want to take that huge bonus now before his shares become worthless due to users leaving in droves after the redesign.

/I'm sure they'll get over it
 
2018-03-01 03:09:25 PM  

Marcus Aurelius: boozel: I've told my folks that if my employer ever goes public, I'll most likely quit almost immediately. My dad in particular can't understand why I'd do such a thing - poor guy is stuck in the mindset that going public won't affect the culture of the company, and that I just "hate Capitalism".

My brother worked for UPS when they were private.  They had a doctor ON SITE for their 300 drivers, dynamite savings plans, and all kinds of other great benefits.  Then UPS went public, and all the perks went out the window.  The whole environment became toxic after that.  Every day at end of shift, each driver would be berated by management for backing up too much (seriously), not making fast enough drop offs (on a very sparse route), or failing any one of a number of the most petty rules you ever heard of.

Going public is the worst thing you can do to a work force.


The motivation is now how to make money for the stakeholders.
 
2018-03-01 03:10:40 PM  
he likes his executive team to operate "just below the boil," where there's a lot of intensity and energy, but enough clarity and focus to get things done.

Translation: I like to torture people because that's the only time they act how I want them to act.
 
2018-03-01 03:10:47 PM  

boozel: Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.

I've told my folks that if my employer ever goes public, I'll most likely quit almost immediately. My dad in particular can't understand why I'd do such a thing - poor guy is stuck in the mindset that going public won't affect the culture of the company, and that I just "hate Capitalism".

Nah man, as soon as we start working for stock holders instead of our customers, I really don't need to be here. I like making things people buy because they want and need them, and I like knowing we focus on making high-quality stuff. The SECOND investors get involved, focus will shift to getting as close as possible to running a racket without anyone realizing. No. Thank. You.

Plus, I can walk 15 feet to the company owner's office and ask him how his wife is doing, and how his house is holding up in the rain and wind. Literally right now. If/when we get bought out (President is looking to retire soon), my boss will probably be in farking Canada a thousand or so miles away.


I once worked for a company that had gone public, and then bought up all their own stock and went private again.  The CEO was quite open about why,  and it is pretty much exactly in line with what you've said. "I don't want to work for the markets, I want to work for our customers."
 
2018-03-01 03:19:29 PM  
YOU CAN HARDLY EVEN WALK THROUGH ALL THIS WEALTH TRICKLING DOWN UPON US.
 
2018-03-01 03:39:52 PM  

BalugaJoe: How much is Fark bonus?


$5 a month.
 
2018-03-01 03:50:59 PM  
So it looks like Miranda Kerr held off marrying him until he got a $600M bonus. Smart move. If you're gonna marry a skinny little nerd, you marry a rich one.
 
2018-03-01 04:02:47 PM  
alvinalexander.comView Full Size
 
2018-03-01 04:17:19 PM  
Tell me how the wealthy are the good guys again, Fark.
 
2018-03-01 04:21:16 PM  

boozel: Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.

I've told my folks that if my employer ever goes public, I'll most likely quit almost immediately. My dad in particular can't understand why I'd do such a thing - poor guy is stuck in the mindset that going public won't affect the culture of the company, and that I just "hate Capitalism".

Nah man, as soon as we start working for stock holders instead of our customers, I really don't need to be here. I like making things people buy because they want and need them, and I like knowing we focus on making high-quality stuff. The SECOND investors get involved, focus will shift to getting as close as possible to running a racket without anyone realizing. No. Thank. You.

Plus, I can walk 15 feet to the company owner's office and ask him how his wife is doing, and how his house is holding up in the rain and wind. Literally right now. If/when we get bought out (President is looking to retire soon), my boss will probably be in farking Canada a thousand or so miles away.


Aw don't worry, so long as you guys are making (me) money I have no reason to change anything. Though if I do have to fire you, sorry.
 
2018-03-01 04:23:28 PM  

LoneWolf343: Tell me how the wealthy are the good guys again, Fark.


I don't think we're the ones who say that?
 
2018-03-01 04:31:23 PM  
That's the whole point of Double Secret Bonuses.
 
2018-03-01 04:56:16 PM  

HempHead: Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.

You realize that the employees are only loyal because of the promise of untold riches when the company IPOs??


I think you just proved Marcus' statement, considering how Snap didn't deliver on the promised bonuses to the employees after the IPO. Also in the article it discusses how many employees left after the IPO, probably realizing how much a cheapskate the CEO is.
 
2018-03-01 05:40:54 PM  

Nadie_AZ: Spiegel, who has the majority of voting power at the company along with co-founder Bobby Murphy, prefers executives who don't challenge his ideas, according to people familiar with his meetings. Most managers who have departed since the IPO, including the leaders of engineering, sales and product, were succeeded by internal candidates familiar with Spiegel's management style. Michael O'Sullivan, a July replacement for the departed general counsel, was an external hire but no exception to the rule; he had previously worked at a law firm with Spiegel's father, and represented Spiegel in negotiations with the company for his voting rights and IPO bonus, which amounted to $636.6 million.

Son of an attorney who doesn't listen to differing opinions. If Microsoft or Facebook doesn't pick them up, this idiot is going to run the company into bankruptcy.


Microsoft isn't going to pick them up.

For some reason he has a feud with Microsoft, which resulted in him refusing to release Snapchat for Windows Phone. Well not now, back when Windows Phone actually had a market share.

Everyone else did. Facebook, WhatsApp, you name it. But no, for some farking reason, he wanted to piss Microsoft off.

Well I dunno, do corporations hold a grudge? If they do, then they're not picking up that company.

And besides, its not like they're selling phones anyway. So what would they do with them?
 
2018-03-01 05:56:45 PM  

Hunter4242: Every time I see a story like this, it makes me very happy I never tried to get a job in silicon valley.


The founders are from there, but the company is in Los Angeles.

If they'd run it more like a Silicon Valley company, maybe they wouldn't have pissed as many people off where they are. When they started expanding, the company leased more and more small office spaces. It had the effect of driving up commercial rents in LA's Venice Beach area and forcing a few independent businesses out. This year Snap finally plans on consolidating and moving to a larger office building in Santa Monica next door, but it would've been nice if they did this a couple years ago.
 
2018-03-01 06:16:03 PM  
Can'tcha just feel it trickling down, trickling down all over me?

 
2018-03-01 06:57:32 PM  

Gubbo: LoneWolf343: Tell me how the wealthy are the good guys again, Fark.

I don't think we're the ones who say that?


We haven't been hanging out in the same threads, then.
 
2018-03-01 07:01:58 PM  

LoneWolf343: Gubbo: LoneWolf343: Tell me how the wealthy are the good guys again, Fark.

I don't think we're the ones who say that?

We haven't been hanging out in the same threads, then.


Could you show me those threads where we worship the rich?
 
2018-03-02 01:00:07 AM  

HempHead: Marcus Aurelius: one year after the company's initial public offering

Nothing farks up a loyal workforce quite like going public.

You realize that the employees are only loyal because of the promise of untold riches when the company IPOs??


78.media.tumblr.comView Full Size
 
2018-03-02 11:46:03 AM  
I've heard that before.  During performance appraisals, everyone's told it was a tough year, no money, and then at the annual company meeting, the CEO blabs about how awesome the company is doing, record profits, poised for record growth and tons of opportunity.  The cognitive dissonance at the top is staggering.
 
2018-03-02 03:24:19 PM  
The Old Double Secret Probation Gambit, eh? Gets 'em every time.

I managed to combine an Animal House and a Get Smart reference seamlessly. But I can not pat myself on the back without risking hospitalization.
 
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