I worked for a startup that was entirely funded by a local millionaire.
He hired professional marketing, product, video, sales and content directors, but refused to listen to their ideas and would frequently make executive decisions that changed the direction of the company without notice. He would throw millions of dollars into these ideas against everyone’s advice and made zero return on his investment.
To make matters worse, his policy was to only give raises or bonuses when the company was profitable. In other words, our chances of progressing in the company depended on his ability to stop sabotaging every effort we’d made.
Last week the FBI raided his offices; he was accused of running a Ponzi scheme for the last ten years. All of his employees were laid off without notice and all his companies were liquidated.