SecondMarket CEO Announces Layoffs: I Admit It, I Screwed Up

Mr. Silbert. (Photo: htt

p://www.flickr.com/photos/docsearls)SecondMarket was h

aving a pretty good week. On Tuesday came a flurry of articles about the

startup’s crowdfunding-flavored partnership with Angellist, and just yesterday, CEOBarry Silbert announced that Tennessee’sFirst Advantage Bankwa

s using the service to go private while remaining open to investors. He called the move 220;validation of our model.”Today, according to a post on SecondMarket’s blog, several employees got the ax as

part of “org changes.”;To his credit, Mr. Silbert t

akes respo2020第66期新版跑狗图 nsibility for the layoffs:“I admit it

, I screwed up. While the transition of SecondMarket from a telephone broker of

illiquid assets in 2005 to the technology-driven reinvented stock market tha

t we are today has been quite successfu

l, I have done a poor job managing our cost structure during this transition.”

;Consequently, he added, “there are a number of high quality, hard-workingSecondMarket family members who are now looking for their next challenge.”If only there were some way to monetize euphemisms, Silicon Alley would be swimming in cash.But Mr. Silbert wouldn’t want to leave you with the impression that the company is in trouble. “I remain extremely optimist

ic about SecondMarket’s future and the important role we plan to play in

reinventing the stock market a

nd redefining the modern company,” he wrote, adding that the company has $25 million in the bank and ̶0;an expected break-even bottom line” within sight. Rather, “we have decided to double down on what is working, eliminate any unnecessary costs and get our company back to the lean, mean, high per

forming organization that we once were before hubris took over.”The company also went through a round of layoffs in March 2012, thanks to the Facebook IPO.SecondMarket de

clined to comment further to Betabeat,so we’re not sure how many were let go. (Update:Valleywag says as many as 40.)Let’s hope those “smart,capable people” are at least getting glowing references.Got any more info? You know what to do: tips@betabeat.com

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