After Company Raises Minimum Salary To $70,000, Revenue And Profits Double

In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

The move sparked not just a firestorm of media attention, but also a lawsuit from Price’s brother and co-founder Lucas, claiming that the pay raise violated his rights as a minority shareholder.

But six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

People Seem To Have Turned On CEO Offering $70,000 Minimum Salary

Readers of The New York Times appear to have given up on Gravity Payments CEO Dan Price's idea of setting his company's minimum salary at $70,000.

The newspaper on Monday published a five-paragraph call-out to readers, asking them to weigh in on whether they would follow the lead of the now financially troubled entrepreneur, who in April slashed his own $1 million salary down to $70,000 and gave most of his lowest-paid workers raises.

The responses, overall, were cynical.