Bitcoin Shop’s Management Forgo Salaries as Share Price Tanks

Bitcoin Shop announced today that some of its management team would waive the majority of their salaries for the next six months, and that all the company’s officers had volunteered to cancel their employment contracts.
Bitcoin Shop’s chief executive Charles Allen described the efforts as part of a broader attempt to reduce the company’s fixed costs while protecting existing shareholders from dilution, because the company would not have to issue new shares at ‘deeply depressed’ prices as compensation to executives. Allen added that he is also foregoing his salary as part of the temporary measures.
‘Actions like this illustrate the dedication of our team to build and launch our new platform without further shareholder dilution,’ Allen said in a press release.

This post was published at Coin Desk on September 12, 2014.