SBF Profile picture
26 Nov, 16 tweets, 3 min read
1) Building a team
2) We tend to think about teams differently from many companies.

For instance, here's our dev team, lead by Gopher (bottom), about 15 minutes before our company shoes up to Thanksgiving Dinner. Image
3) But more seriously -- two things we think about very differently than most places: headcount, and titles.
4) We have grown a lot in the last year--more than 100%!

And, to us, our headcount feels Large right now. We're nearing 200 people.

That also likely makes us one of the smallest companies with $1b+ of annual revenue.
5) One of the subtle advantages to having a smaller team is the impact it has on responsibility and culture.

We try to foster a sense of responsibility in every employee--that there are huge numbers of important things to do, and we should all feel empowered to help do them.
6) And as employees look around, they see people all over doing exactly that.

And by having way more to do than we have capacity to do it, we gain another benefit: there isn't really competition internally to get the "important" roles.

We have important roles growing on trees.
7) And if there's a problem to fix or opportunity to grow, and you have an idea for it, the default behavior isn't to email a report asking them to do it.

The default behavior is to do it: to take responsibility.

Even our "managers" are > 50% individual contributors.
8) And this leads into our philosophy on titles.

A title isn't an invitation to do important things, because everyone can do important things, and is expected to.

A title is a burden: the responsibility to _make sure_ important things happen.
9) If you have a title, that doesn't mean you get credit if your team does something cool--they do.

Having a title means you are held accountable if something important _doesn't_ get done, no matter who was "supposed" to do it.
10) "But this was Bill's job" is not a relevant excuse for someone with a fancy title.

Our job is to make sure the right things get done, whatever it takes.

And ultimately, _my_ job is to make sure the right things happen.
11) Everything, in the end, is my fault, if it goes poorly. That's what it means to be CEO.

It doesn't matter if it's Thanksgiving; those blocks won't chain themselves. Image
12) (Though, to be fair, I'm not much of a dev -- all credit goes to the actual devs. And Gopher.)
13) My real job is to make sure the important things happen. Often that means championing exciting new features; unfortunately, right now that's not which duty calls highest. Right now, the things that are most important for FTX and industry are happening under the radar.
14) More on that later.

But for now, a huge thank you:

To the few friends crazy enough to jump on a plane from Boston based on a delirious late night chat.

To the group who showed up in a small coworking space in Causeway Bay to press the "on" button for the first time.
15) To the thirty people who tried to figure out how to pop a champaign bottle the night of our first listing.

The hundred people who powered through the bear market of spring 2020.

The two hundred who came to work Thanksgiving week to push forward long term projects.
16) And to the thousands, or maybe just hundreds, who will be with us through the next stage of our adventure.

And, to gopher, who is trying his hardest not to bark every time a new colleague shows up for Thanksgiving dinner. Image

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with SBF

SBF Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @SBF_FTX

9 Nov
1) Some notes from @coinbase's Q3 earnings!

s27.q4cdn.com/397450999/file…
2) First, how have they (and others!) done recently?

Well, they're the yellow line. They had a mediocre Q3, but they're probably in line for a good Q4!
3) So how did they do?

Well, they made $1.2b of revenue and $600m of EBITDA.

As always, that is nearly all retail; average retail fees were 1%. On the mobile app, average fees were probably higher, and that was probably where most of it came from.
Read 7 tweets
8 Nov
1) A reminder that we have some policy pieces up at blog.ftx.com/policy!
2) Some of the main goals that crypto regulation needs to serve are:

a) Customer and investor protection
b) Market integrity
c) Preventing financial crimes
d) Systemic safety

blog.ftx.com/policy/policy-…
3) Areas for regulation:

a) Stablecoins: creating a registration/transparency/audit regime on assets

b) Token issuances: a paradigm for digital assets with security-like properties

c) Markets: unified frameworks and cross margin for spot/derivatives

blog.ftx.com/policy/areas-c…
Read 5 tweets
4 Nov
1) On Hubris
2) "Two vast and trunkless legs of stone
Stand in the desert. . . . Near them, on the sand,
Half sunk a shattered visage lies...

And on the pedestal, these words appear:
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
Nothing beside remains."
3) Each year, the world stands witness to a giant company, felled by its own arrogance.

And each year the world averts its eyes as many more enterprises dream too small and believe too little.
Read 20 tweets
4 Nov
1) As the 2021 @MLB season comes to a close, some reflections from 21 years as a fan of the @SFGiants.
2) NOT BASEBALL ADVICE.

I suck at baseball.
3) First of all, and unrelatedly -- _huge_ props to @tackettzane, Lou, and the MLB team for the partnership over the past year. We're extremely greatful for being able to work together!
Read 25 tweets
23 Oct
1) Filing taxes isn't fun. As it turns out, for many people, it's also a bit of an odd exercise.

latimes.com/politics/story…
2) See, the government actually already has a lot of the relevant information.

But rather than make that available to the taxpayer, it sends a form asking you to enter your income, investments, etc.

Asking you to tell the IRS what it already knows.
3) The consequences of messing it up can be years of lawsuits and frustration.

Filing taxes is basically the government issuing you a test, judging how well you do, as it is actually collecting new information.
Read 8 tweets
16 Oct
1) Don't let the drive for a narrative overcome your priors; aka the slow, sad decay of fivethirtyeight.

fivethirtyeight.com/features/justi…
2) This article is dumb.

It is centered around the observation that, this season, Lamar Jackson has been better on early downs while Justin Herbert has been better on late downs.

Why is this????
3) Sample sizes, mostly.

The sample sizes so far are pretty small -- around 60 3rd down attempts per team. The difference between the Ravens and Chargers completion % is about 14% (35% vs 49%); the standard deviation due to raw luck here is ~40%/sqrt(60)*sqrt(2) ~ 7%
Read 13 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Thank you for your support!

Follow Us on Twitter!

:(