Affirm

Good pay. Great benefits ($0 medical premium, monthly wallets). ESPP. Away days (too many).

Affirm has experienced a notable downturn since its IPO, which raises questions about the sustainability of its current business model.

This concern primarily revolves around the lack of revenue generation, a critical issue that shareholders will inevitably question.

While Affirm's mission is noble—to provide fair loan terms to people—it is important to recognize that its operations essentially involve selling debt.

This method unfortunately tends to exacerbate financial burdens on those already in precarious situations, which presents an ethical concern.

A further indication of the company's struggle was the acquisition of a startup that had failed to secure funding.

This move should serve as a red flag in the context of the current economy.

While attempts have been made to rectify the company's direction through increased frequency of quarterly planning, the impact of these efforts has been minimal.

Despite consistent feature releases aimed at increasing revenue and reducing costs, a 20% workforce reduction was still deemed necessary.

My primary issue is that to reach such a drastic decision, the company must have been grappling with issues for a considerable period.

However, it appears that insufficient action was taken to correct the course.

I believe responsibility for this oversight falls upon the 25 VPs who remain employed despite their apparent inability to navigate these challenges effectively.

In conclusion, this situation highlights a dire need for leadership that can promptly identify and address issues to prevent similar future scenarios.

Don't be afraid to cut useless people that have been around for a while and who don't provide much value to the table besides being good friends with senior leadership.