What do you do when you get a salary hike? Either you will be happy with the increment that you got or will be grumbling about how less than expected your increment is.
Either way you might not be writing a letter to the company CEO to thank him for the appraisal.
But some 120 employees of Gravity Payments did- they didn’t write a thanking letter, instead gave their CEO Dan Price a gift in return. A brand new Tesla model S, his dream car.
The news was broken by Price himself on his Facebook page.
The employees saved their one month’s salary to buy the gift, of which the starting price is $70,000.
Price had raised all of his 120 employees wages to a minimum of $70,000 a year, which in effect meant that the salaries of some of them went up double.
To do this he had slashed his own compensation from $1.1 million to $70,000.
However Bloomberg reported that Price made this unusual move to avoid a lawsuit brought by his brother and co-founder Lucas Price, which accused Dan of violating Lucas’ rights as a minority shareholder by paying himself too much and charging personal expenses to a corporate card.
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