Per Business Insider
Salesforce laid off 8,000 employees but retained its $10M annual payments to Matthew McConaughey
3/1/2023
Salesforce just let go of 8,000 employees while retaining its annual payments to Matthew McConaughey worth $10 million. McConaughey serves as the company's "creative adviser" and TV pitchman.
As explained in an article by The WSJ, the cloud-based software company had McConaughey star in a Salesforce ad during the Super Bowl, and he would be receiving $10 million per year from the company.
So far, no clarification has been given regarding when the contract started or how long it ran. Salesforce reportedly paid $5 million just to run the ad.
Salesforce retains its payroll of 70,000 employees in different positions across the company, following other Big Tech companies which have laid off a significant percentage of their workforce. Aside from starting in the ad, McConaughey, along with Will.I.Am, were both involved with strategy discussions at a high level.
Marc Benioff, former Oracle executive and now the CEO of Salesforce gave a statement sharing how they hired too many during the pandemic. Before the pandemic struck, the company employed about 49,000 people at the start of 2020.
Benioff: “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,"
Salesforce expects to spend a hefty amount to carry out its cutbacks, costing it between $1.4 to $2.1 billion. Salesforce is expected to spend $800 million to a billion during its fourth quarter, which ended by the end of January.
The CEO of Salesforce has shared his thoughts against remote workers, saying they might not be as productive. Benioff said pointed out younger remote workers, most of which were hired during the pandemic.
The company tripled its workforce in the span of just four years. The company is reportedly trying to adjust to how customers are becoming more cautious regarding their spending.
See flow at unusualwhales.com/flow.
Other News:
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