A tale of two crypto strategies: While Coinbase added thousands of jobs, Sam Bankman-Fried's FTX stayed lean with just 300 employees—and now plans to capitalize on the carnage [Fortune]
Stitch Fix, Inc. - Class A (SFIX)
Last stitch fix, inc. - class a earnings: 3/9 04:05 pm
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Source: Fortune
While the 30-year-old has amassed a fortune measured in the billions, he plans to give most of it away under the principles of . Hell, while most chief executives sleep in a bed, Bankman-Fried likes to catch Zs on a near his desk. And so, when Bankman-Fried met with venture capitalists in 2021, the FTX CEO eschewed any advice of quickly expanding the crypto exchange's workforce, which prospective investors believed should be around 2,000 people—not 200. "We told them additional employees added too quickly were net negative, and they could take it or leave it," Bankman-Fried Tuesday, adding that FTX's employee count is now closer to 300. "[W]hen it comes to hypergrowth, you can't replace 'growing revenue' with 'growing expenses.'" Bankman-Fried was, of course, the outlier. Over the course of the past few years as crypto trading volumes spiked, venture capitalists blitzed companies with fast and furious term sheets. And hiring exploded, with crypto companies of every size—from the
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News
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- Stitch Fix (SFIX) Gains on Operational Efficiency, Innovation [Yahoo! Finance]Yahoo! Finance
- Stitch Fix Cuts Over 2,000 Employees And Replaces Them With ChatGPT, Giving Them Option For Part-Time Or To Leave [Yahoo! Finance]Yahoo! Finance
- Fashion Workwear Brand Argent Helps Women In Every Field Drop-Kick The Glass Ceiling [Forbes]Forbes
SFIX
Earnings
- 3/4/24 - Miss
SFIX
Sec Filings
- 4/19/24 - Form 4
- 4/18/24 - Form 144
- 4/4/24 - Form 4
- SFIX's page on the SEC website