Someone I know at a startup was told today in an emergency all-hands that the company will not be able to make payroll, and that they are trying to understand if the company will still be a going concern. They had plenty of runway until this week.
in CA, failure to pay wages pierces the corporate veil. meaning wages and damages are owed even if the company goes bankrupt. the corporate officers remain on the hook.
Part of me is like…what’s the dumbest fucking outcome….and is that SVB imploding and taking out swathes of startups going to be viewed as a means of “fighting inflation” by utter ghouls
I've got 2% of a crypto adjacent "startup" company that bought a bankrupt airline. Not my main gig or anything and I fully expected it to fail, just not this way.
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Someone I know at a startup was told today in an emergency all-hands that the company will not be able to make payroll, and that they are trying to understand if the company will still be a going concern. They had plenty of runway until this week.
California’s wine industry is going to shit the bed. A whole lot of farm workers are going to lose income.
in CA, failure to pay wages pierces the corporate veil. meaning wages and damages are owed even if the company goes bankrupt. the corporate officers remain on the hook.
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Bitcoin fixes this :libertarian-alert:
Part of me is like…what’s the dumbest fucking outcome….and is that SVB imploding and taking out swathes of startups going to be viewed as a means of “fighting inflation” by utter ghouls
Not just tech start ups. My former employer is a healthcare company that uses the bank because the PE fund that owns it insisted upon it.
We love a free market don't we?
I've got 2% of a crypto adjacent "startup" company that bought a bankrupt airline. Not my main gig or anything and I fully expected it to fail, just not this way.