Earlier this year, Gravity Payments’ CEO, Dan Price, made headlines when he cut his own salary to ensure his workforce received a minimum of $70,000 per annum. However, this isn’t the only noteworthy sacrifice he has made.
In a bid to bolster his payment processing company, Price has taken out a mortgage on his home and liquidated all personal investments. This moves have enabled him to pool a $3 million buffer fund for Gravity Payments, a strategic decision intended to help the company withstand the financial implications of increased staff wages.
Price justified these actions saying, “I wanted a larger margin for error. Victory is not yet certain, but the current trends are encouraging.”
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