SEATTLE, WA - Isn't sharing the wealth always the right thing to do? Well, remember Dan Price?
He's the CEO of a Seattle company called Gravity Payments. Price got plenty of attention by slashing his million dollar salary so he could increase the paychecks of all his employees.
Nobody would make less than $70,000 a year! Well it appears those lofty expectations at gravity have crashed down to Earth. Just 3 months into this income equality experiment things have changed, and not necessarily for the better.
Price says he's now renting out his house to get extra income. And it appears some of his customers thought the move was a political statement or expected fee increases so they withdrew their business.
But it wasn`t just clients jumping ship that's causing trouble. Price`s new found fame attracted a lot of new clients which forced price to hire a dozen more workers, who remember, now cost a minimum $70,000.
Two of his top employees quit saying it was unfair new employees received a pay raise while veteran staff wages stayed the same. But it hasn`t been all bad.
Some employees say the pay raise has given them enough money to visit family out of state or to move into the city and cut down on commute times. Price's generosity even inspired a few neighboring businesses to raise the wage of their workers, on a smaller scale of course.
Hey, only time will tell if Price was right.