CEO Hits Back At Fox News After They Derided Him For Offering $70,000 Minimum Salaries
The last six years have been a long strange trip for CEO Dan Price.
Back in 2015, the tech entrepreneur shocked the business world by slashing his own $1.1 million pay package to help fund a minimum “living wage” of $70,000 for all workers at his credit card processing company Gravity Payments.
Price’s decision led to him being heavily criticized as a “socialist” on Fox News and Fox Business. In addition, some clients dropped Gravity for reasons that included fears the salary hike would cause their rates to rise.
But in the years since, Price has been hailed as a success by Harvard Business School and Inc. magazine, which noted the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion.
On Tuesday, Price referenced this success in a viral Twitter thread and video that took aim at his conservative critics, particularly Fox.
It hasn’t all been a smooth ride, Price admitted.
He also explained what inspired his decision to cut his own salary to $70,000 a year and raise pay for workers, saying the discovery that an employee was secretly working a second job at McDonald’s made him realize he was an “awful CEO.”
Although he took a drastic pay cut, Price said he doesn’t miss the “millionaire lifestyle” one bit.
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