Seattle CEO Who Created 70k Minimum Wage is Nearly Broke

gravity-income-announce-facebookJumbo-v2Seattle CEO and liberal hero who announced just three months ago that the minimum wage at his company, Gravity Payments, a credit card processing company, is nearly broke.

He is now renting out his house and has moved into an apartment.  The reasons are many but all relate to the 70k minimum wage.  

After an initial wave of new business created by his announcement, longtime customers are leaving him because they consider him too political and they fear increasing rates.  The revenues to his company has decreased since the day of his announcement.

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The CEO, Dan Price is seeing some of his most productive employees leaving.  Some benefited little or not at all with the new minimum wage and worse yet cannot get wage increases because the company is in dire financial straits.

Others are abandoning what they see as a sinking ship.  Price is not able to attract the best candidates to replace the workers who leave for the same reasons the old employees quit and fear that the company will fold.

His own financial manager, Maisey McMaster, has quit because he insulted her when she tried to explain his error in judgement:

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