Just some fun basic math for everyone...
$96 million / 1000 (workers) = $96,000
this post was submitted on 12 Mar 2025
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So he literally stole their salaries. We can't put up with millionair ceos anymore, it needs to be outlawed..
Just for perspective here,
1000 * $15/hr = $15,000 / hr
$96,000,000 / $15,000 / hour = 6,400 hours
6,400 hours / 40 hours / week = 160 weeks
160 weeks / 52.17857 weeks / year = 3.0663929655412174 years
They could afford to keep those employees on for another 3 Years with that amount.
Was it baristas that were laid off or office workers? Minimum wage for their corporate headquarters is a bit over $20/hour, and I'd suspect very few corporate employees are making only minimum wage.
Just so people are aware, Starbucks was caught buying from farms in Brazil multiple times that used slave labor. In Guatemala, along with Nestle, were caught buying from farm(s?) that used child labor.
EDIT: On top of this the company partnered with Conservation International to certify the farms met the company’s standards. The incident in Brazil saw CI trying to coverup the certification of that farm. Also CI is involved with arms dealing.
EDIT 2: Their retail products have the claim “100% Ethically Sourced”. That is a lie.
EDIT: I got the slogan wrong. It is “Committed to 100% Ethical Coffee Sourcing”.
Their retail products have the claim “100% Ethically Sourced”. That is a lie.
That all depends on which ethical code you're referencing for your statement. I 100% believe that Starbucks sources according to their corporate ethical standards.
I am unable to find a news report now, but I am certain I read one back in 2018 or 2019. I believe that Conservation International (an organization that helped develop the C.A.F.E. standard the company uses) was discovered covering up the certification of one of the farms in Brazil. As I remember reading, that a farm was at the time listed somewhere as being certified but after slave labor was discovered, CI uncertified the farm and attempted to claim it failed to meet the C.A.F.E. standards, thus never was awarded certification. They weren't saying the certification was revoked; it never had any.
Do you have a source for that? I want to read more about it.
Here are three different reports regarding three different instances in Brazil. https://news.mongabay.com/2019/05/slave-labor-found-at-second-starbucks-certified-brazilian-coffee-farm/
https://news.mongabay.com/2018/09/slave-labor-found-at-starbucks-certified-brazil-coffee-plantation/
Here is one on the Guatemala incident. https://www.theguardian.com/business/2020/mar/01/children-work-for-pittance-to-pick-coffee-beans-used-by-starbucks-and-nespresso
Remember when Ford had an amazing performance growth, made record profits, then laid off a huge amount of people and moved more business overseas. Nothing like capitalism to fire you when you're down and fire you when you're up!
This is the guy that commutes from LA to Seattle on a private jet?
Yeah, same guy who fired nearly everyone at the Chipotle corporate office in Denver so he didn't have to commute.
I'm just amazed no one goes Luigi when shit like that happens...
That's.....man I hope you're wrong as that's awful.
Of course that wasn't the official reason he gave. He hired a management consultant group to do a study of where all the top restaurant talent was in the country. Surprise, surprise, all the criteria they were given led them to narrow down the ideal location for the corporate headquarters to be right next to his house in Newport Beach.
How the fuck isn’t this stuff against business laws. How does this not break the fiduciary duty by self-dealing?
If what you’re saying is accurate then he’s a pro at creating parallel evidence.
Who am I kidding? Anyone who could bring a suit against the CEO probably doesn’t care.
wasteful hubristic meatballs
I'm theory, the board of directors is supposed to keep a CEO in check if they do something that is against the best interest of the shareholders. But the share price actually went up after he made this move.
Same reason share prices often go up when a company announces layoffs. The market isn't always tied to how well a business is run.
In 2018 Niccole laid off 400 at the Denver and New York locations so that HQ could be relocated to Newport Beach, where he lived at the time.
That was just the 400 FTEs. There were also lost of contractors that were affected as well! Most people don't count them since they could have been let go for any reason.
OC to Seattle, but yes. The guy didn't want to relocate from Newport Beach, so they bought him a jet to make his weekly "commute."
Wasn't it daily commute?
Iirc he flies up Monday, stays in the corporate penthouse during the week, then flies back Thursday or Friday. I'll be honest I haven't kept up on it as I really don't care lol, I just remember the article from a few months or whatever back.
Don't use Starbucks anymore. It's American
This is the same douche canoe that was the CEO of Chipotle and denied that the serving sizes were getting smaller and told people to just harass the worker making the food if they thought their serving size was to small.
Also the same guy trying to green wash plastic waste to be customer responsibility while commuting on a private jet from Southern California to Seattle.
I don't get it. We did not let kings and lords and counts keep their belongings. Why are we treating this scum any different?
Capitalism has no face to punch
It has many!
Friendly reminder, comrades: There is no such thing as a good billionaire. From the East to the West, they are humanity's enemy.
Happy Cake Day!
"Good billionaire" is an oxymoron like jumbo shrimp. You can be good, or a billionaire but not both. If you were good, you wouldn't have a billion dollars.
Shop local. It's just coffee. Don't let the marketers tell you any different. For sweet creamy syrupy treats go to the ice cream store. Let's not support the current system of the bigwig at the top who does very little and reaps most of the rewards.
There's absolutely no way he's adding enough value compared to Joe MBA to justify that compensation.
That's what I'm trying to do understand as well. What's the explanation for these kinds of things? What's the actual sequence of events and how conditions that lead to these things? Why would the board approve of this kind of compensation?
"It's a big club, and you ain't in it."
I have never gone to a Starbucks and I never will. It's not that hard to do that. They will never get even a penny out of me.
The only reason i would go to a Starbucks is to look at the people working and buying coffee there. Or to meet a cute person behind the counter, but i have never nore will i spend money in that