When CEO of Gravity Payments Dan Price announced in 2015 that everyone in his company would get a pay raise to at least $70,000 a year, and that he himself would slash his annual salary from $1 million to $70,000, Fox News pounced. The rabid Fox hosts called him "foolish," a "lunatic of all lunatics" and, gasp, a "socialist." They said his employees would be "on the welfare lines." Rush Limbaugh said, "This is pure unadulterated socialism, which has never worked. That's why I hope this company is a case study in MBA programs on how socialism does not work, because it's going to fail." Oh, how wrong they were.
Six years later, Dan Price tells us with a series of tweets that his company's revenue has tripled, their company base has doubled, homes owned by employees grew by 10x, and 70% of his employees have paid down debt. And he's "been hailed as a success by Harvard Business School and Inc. magazine," according to HuffPost, "which noted the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion." One thing Limbaugh might have gotten right: this company will hopefully become a case study in MBA programs.