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CEO gets the last laugh after Fox News called him a "lunatic" for paying all
employees $70K

  [21]Carla Sinclair 8:04 am Wed Apr 14, 2021

  When CEO of Gravity Payments Dan Price announced in 2015 that everyone
  in his company would get a pay raise to at least $70,000 a year, and
  that he himself would slash his annual salary from $1 million to
  $70,000, Fox News pounced. The rabid Fox hosts called him "foolish," a
  "lunatic of all lunatics" and, gasp, a "socialist." They said his
  employees would be "on the welfare lines." Rush Limbaugh said, "This is
  pure unadulterated socialism, which has never worked. That's why I hope
  this company is a case study in MBA programs on how socialism does not
  work, because it's going to fail." Oh, how wrong they were.

  Six years later, Dan Price tells us with a series of tweets that his
  company's revenue has tripled, their company base has doubled, homes
  owned by employees grew by 10x, and 70% of his employees have paid down
  debt. And he's "been hailed as a success by [22]Harvard Business School
  and [23]Inc. magazine," according to [24]HuffPost, "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." One thing Limbaugh might have gotten right: this company will
  hopefully become a case study in MBA programs.

    6 years ago today I raised my company's min wage to $70k. Fox News
    called me a socialist whose employees would be on bread lines.
    Since then our revenue tripled, we're a Harvard Business School case
    study & our employees had a 10x boom in homes bought.
    Always invest in people. [25]pic.twitter.com/o7Ca7I4b7e
    — Dan Price (@DanPriceSeattle) [26]April 13, 2021

    Since our $70k min wage was announced 6 years ago today:
    *Our revenue tripled
    *Head count grew 70%
    *Customer base doubled
    *Babies had by staff grew 10x
    *70% of employees paid down debt
    *Homes bought by employees grew 10x
    *401(k) contributions grew 155%
    *Turnover dropped in half
    — Dan Price (@DanPriceSeattle) [27]April 13, 2021

    What helped inspire our $70k min wage?
    An employee was secretly working a 2nd job at McDonald's. It was
    clear I was an awful CEO who was failing his employees. I gave her a
    raise to quit that job. No one should have to work two jobs to make
    ends meet.[28]https://t.co/hrgDYUDXYB
    — Dan Price (@DanPriceSeattle) [29]April 13, 2021

    We started our $70k min wage with about 130 employees in Seattle.
    It worked so well we expanded it to a new Boise office, where the
    cost of living is lower but people deserve good pay all the same.
    We now have about 200 employees[30]https://t.co/0eJxdZYape
    — Dan Price (@DanPriceSeattle) [31]April 13, 2021

    Treating employees well saves money in the long run.
    For example, our small biz with a $70k min wage received 3,663 job
    applications this year – 280 per opening.
    We paid $0 advertising and got great candidates.
    I keep seeing stories of companies struggling to hire. Wonder why.
    — Dan Price (@DanPriceSeattle) [32]April 12, 2021

    * [33]TWEET
    * [34]COMMENTS

    * [35]"invest in people"
    * [36]dan price
    * [37]faux news
    * [38]gravity payments

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