Widespread victimization to downsize and cut costs
Pros
Pros is your salary gets paid on time so the company is not on the verge of collapse.
Cons
10X has been frontrunning since covid to meet the ridiculous growth expectations and now faces downsizing aspects to cut costs and probably sell off the company. Unlike other startups who seek the understanding of employees to rein in pay cuts or even pay freeze for management, 10X does not even bother to shape up. There is no proper performance appraisal process. Instead, employees who have been promoted recently would be advised of performance issues and get sacked shortly after. This feels like widespread victimisation by a team of people living in the colonisation era. One would think the current proxy war at Illumina would serve as good learning materials to buck up management prowess. If the same happened at 10X, it would be amoral for any sensible shareholder to assign their proxy to the CEO or CFO.
