"effective immediately" means either... he doesn't have a contract with a notice period, or he does and is willing to forfeit any benefit from it like share options, etc.
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
CEOs manage to fail upwards their entire career, I don't suspect this will be any different. Just some "nerds on a forum" who got annoyed with his personal decisions.
100% this. The CEO at my last company squandered hundreds of millions of investor funds, and now he's the CEO at another company taking on hundreds of millions in debt.
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
If I was a Cerebras shareholder, I would be LIVID right now. Seriously, what the hell. Insiders dumping stock: CFO, COO, accounting officer. AND NO INFO about losing GPT-6.1 Ultrafast.
everfrustrated · · focus · HN ↗
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
0x1ch · · focus · HN ↗
latchkey · · focus · HN ↗
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
urams · · focus · HN ↗
"failed up" is currently defined as founding a company that goes public and being its CEO. I'd love to know what success is.
latchkey · · focus · HN ↗
If I was a Cerebras shareholder, I would be LIVID right now. Seriously, what the hell. Insiders dumping stock: CFO, COO, accounting officer. AND NO INFO about losing GPT-6.1 Ultrafast.
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