- Coinbase CEO Brian Armstrong tweeted that it was not fun to be CEO due to increasing pressure.
- He is concerned that overwhelming criticism of CEOs could deter talented executives from leading U.S. companies.
- Armstrong even compared the situation to China’s attacks on business leaders.
- See more stories on Insider’s company page.
Coinbase CEO Brian Armstrong complained late at night Twitter thread that becoming CEO was becoming “not fun” due to increasing pressure.
Armstrong said he is concerned that overwhelming criticism of CEOs could deter talented executives from leading U.S. companies.
“I am concerned that as companies become more successful, the number of attacks by the press, politicians and trolls on CEOs (and rounds with congressional testimony) is not making the job fun, and they are leaving burnout,” he wrote. “America may lose some of its best talents from this.”
Armstrong even said that the climate for U.S. executives had “some parallels to what happens to successful executives in China,” citing episodes such as the sudden disappearance of Alibaba founder Jack Ma.
“You will not be moved to house arrest in the United States, but it is our own version that puts something that will be too successful,” he said.
Armstrong added the warning that every company deserves scrutiny, but “the market solves a lot of this for us.”
As CEO of a $ 65 billion crypto exchange, Armstrong has felt the warmth of executives personally. A New York Times report last year portrayed the company as an unfriendly environment for black employees, exacerbated by a public blog post Armstrong wrote that proposed employees who see companies as venues for political activism could consider resigning.
A crypto diversity activist told the Times: “We now know that Brian Armstrong was never involved in [increasing the share of Black employees]. “
Recently, Armstrong has come in public spats with regulators and invites further investigation. After the SEC threatened to sue Coinbase for a new loan product in September, he took to Twitter to accuse the agency of “outlined behavior,” but was forced to withdraw shortly thereafter.