Hubris and the risks of over-mighty tech bosses | opinion
, the US food delivery platform founded by 37-year-old chief executive, Tony Xu, and friends Andy Fang and Stanley Tang, is down 60 per cent. Both companies gave their founders significant power through “Class B” shares when floated.
Amazon.com does not have dual voting rights, but founder Jeff Bezos still owns near 10 per cent. The shares are down by 45 per cent this year.Signs of hubris Meta’s dollar sales per employee have remained stagnant in the face of a workforce that has more than tripled in size to 87,000. That was before the recent announcement of 11,000 job cuts.
How well our all-powerful founder-bosses manage in the coming year will be interesting. Most have not had to control costs so carefully for a long timeThe four established giant technology companies I have mentioned all disappointed the market with their most recent financial statements. However, one of them seems to have more stable prospects than the others. Suffice to say, Microsoft is a top 10 holding for us.
costs and expenses rose nearly 18 per cent, while revenues rose 6 per cent. This is why, when valuing a company, we always try to calculate what costs would look like if senior staff were paid market rates in cash rather than share options.
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