Dan Price, CEO of Gravity Payments, made headlines last year after increasing the minimum wage to $70,000 for his 120 employees. He also cut his own salary from $1 million to $70,000 and used the majority of the company’s profits for wage increases.
While Price got a lot of great press out of it, he also faced some issues amongst certain workers who felt that the wage increase was unfair to more skilled employees. On top of that, his brother, Lucas Price, filed a law suit claiming his brother took millions out of the company while curbing his powers as a minority owner. Dan Price subsequently won the case earlier this month.
Since making headlines in April for his decision to raise the minimum wage for all employees at his company to a comfortable $70,000 a year, Dan Price, the CEO of Gravity Payments, has hit some hard times.
Two of his “most valued” employees quit after his announcement, he’s lost a few clients over fears of fee hikes, he faces a lawsuit from his own brother who owns a minority share in the company, and he is now renting out his house to make ends meet.
“Is anyone else freaking out right now? I’m kind of freaking out.”