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FTX founder SBF breaks silence! Speaking on Twitter from prison, recalling FTX from DOGE's big slaughter public servant
Since the collapse of FTX in 2022, after a two-year hiatus, the founder Sam Bankman-Fried, who is currently in prison, finally spoke out again on Twitter, expressing sympathy for government officials, the efficiency department of the government’s radical measures, the feeling of unemployment, and his views on layoffs.
Prison humor: SBF self-deprecates that "unemployment is harder than expected"
SBF opened with a self-deprecating tweet, writing: "I have compassion for government officials, and I haven't checked my email for hundreds of days. And I can confirm that losing your job is harder than it seems." This passage shows both his sense of humor and cleverly contrasts his plight with that of the unemployed in general, showing his helplessness at the current situation. ( Note: Musk asked government personnel to use email to reward performance, otherwise it would be equivalent to resignation )
Talking about layoffs: one of the most difficult decisions
SBF then turned the conversation to "layoffs", calling them one of the toughest decisions in business management and challenging for everyone involved. "My experience is that employees who are usually laid off don't make mistakes, but companies still have to make that decision," he says. This passage seems to imply that layoffs are often the result of a company's strategic adjustments, rather than simply a matter of performance.
The company does not have suitable positions, it's not the fault of the employees
SBF believes that most of the time the problem is not with the employees, but with the company itself. "Many times, the company just doesn't have the right position for them, or the right manager to lead them," he further explained, some employees may be best suited for remote work, but the company culture emphasizes face-to-face communication; some may be interested in a certain project, but the company does not currently need contributions in that area.
Internal problems: Poor management leads to idle personnel
He noted that such situations are not uncommon in the corporate world, and even FTX's competitors have experienced similar problems. "We've seen companies hire 30,000 redundant employees without knowing how to organize their work, leaving the whole team doing nothing every day." This phrase may be an allusion to the chaos of overexpansion within the cryptocurrency or tech industries, and it is also reminiscent of FTX's own management problems.
The consequences of mismanagement: departments lose direction
SBF further analyzed that when management is too busy or distracted to lead effectively, the entire department can lose its direction and cause employees to be overwhelmed. He stressed that this is not the fault of the employees, but the lack of corporate management. "If the company itself does not know how to arrange employees, or does not have enough management skills to guide them, then the responsibility should not be borne by the employees," he said.
"Keeping employees idle is meaningless"
In the end, SBF came to the conclusion: "But if employees have nothing to do, then there is no point in letting them stay." This passage may reflect his basic view of business operations – efficiency and resource allocation are key, and even if layoffs are painful decisions, they are still necessary for companies.
Is SBF's remarks insightful or self-justifying?
SBF's tweets have sparked controversy. On the one hand, his insights do point out the pain points in corporate management, and many managers may agree with these views; on the other hand, as the founder of FTX, his words may also be seen as defending his past management mistakes. After all, following the collapse of FTX, many employees and investors accused SBF of poor management, even involving fraud. Now, his remarks from prison whether truly reflective or have other purposes, remain to be seen.
This article by FTX founder SBF breaks through the silence! Tweeting from prison, from the DOGE layoff civil servant recalls FTX first appeared in Chain News ABMedia.