Over the past few weeks, we have heard numerous stories about massive layoffs in the tech Industry. It doesn’t seem to be getting better, because now lawsuits and greed are involved.
Tesla Gets Sued By Former Employees
It was announced yesterday afternoon that 20 former employees are suing Tesla.
They claim “allegedly” the company failed to adhere to federal laws on mass layoffs that require a 60-day notification period under the worker adjustment act.
According to the suit, more than 500 employees were laid off during May and June.
Redfin Executives Make Millions Same Day As Mass Layoffs
Remember last week when we talked about Redfin and other mass layoffs? On the same day of the layoffs, shareholders voted and approved lucrative million dollar compensation packages for executives.
Redfin CEO Glenn Kelman receives $300,000 in annual cash compensation. a Redfin spokeswoman pointed out that this is a modest sum for a CEO.
There were numerous other payouts approved, but the largest was for Redfins CTO Bridget Frey, who received 2.2 million in compensation.
I’m not surprised by these stories. I figured we would see lawsuits with the number of layoffs that came out, but wow, Redfin, you could have timed this better.
With all the executives getting paid so much, no one thought to plan this out a little better? Not a great look.