Amid crypto recession, many crypto heavyweights are reconsidering their hiring policies; here’s how Coinbase tries to mitigate losses
Dare Obasanjo, lead product Manager of Meta’s (previously Facebook) Metaverse department, unveils an alarming trend: Coinbase’s “reassessment of headcount needs” has gained a lot of traction.
“I was supposed to start by job on Coinbase, but…”
Mr. Obasanjo, who had worked at Microsoft for 17 years prior to joining Meta, has taken to Twitter to share the alleged message from Coinbase and LinkedIn announcements sent to multiple candidates.
Holy 💩, Coinbase is rescinding job offers for people who haven’t started yet. pic.twitter.com/suO3hfMbOE
— Dare Obasanjo (@Carnage4Life) June 2, 2022
According to him, the crypto giant started rescinding the job offers of some candidates who had been hired but had not started working yet. Coinbase says that the cancelled offers were “outstanding,” and this decision was not a “light one.”
Also, he attached stories from candidates whose offers were rescinded. They represent different segments of Coinbase’s business: from talent growth to backend engineering.
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It looks like this campaign is affecting both seasoned experts and recent graduates. Some of them are on F-1 visas in the United States, so they must find new offers immediately or risk having to leave the country.
COIN price down 7.5%
As covered by U.Today, two weeks ago, Coinbase’s president and COO Emilie Choi shared the necessity to “reassess headcount needs” in order to protect the company’s growth.
Commentators below Mr. Obasanjo’s thread recalled that a similar policy has been implemented by his company, Meta, for two months in a row since March 2022.
Previously, similar decisions were taken by Tesla’s Techno King, Elon Musk.
COIN shares on NASDAQ are changing hands at $68.48, down more than 7.48% in the last 24 hours and down almost 80% from the ATH registered in November 2022.