David Palmer (Web3)

This is an email I sent earlier today to all employees at Coinbase: Team, Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we're doing this now, what it means for those affected, and how this positions us for the future. Why now Two forces are converging at the same time. We need to be front footed to respond to both. First, the market. Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off. However, our business is still volatile from quarter to quarter. While we've managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth. Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day. All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core. What this means To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it. What does this mean in practice? - Fewer layers, faster decisions: We are flattening our org structure to 5 layers max below CEO/COO. Layers slow things down and create coordination tax. The future is small, high context teams that can move quickly. Leaders will own much more, with as many as 15+ direct reports. Fewer layers also means a leaner cost structure that is built to perform through all market cycles. - No pure managers: Every leader at Coinbase must also be a strong and active individual contributor. Managers should be like player-coaches, getting their hands dirty alongside their teams. - AI-native pods: We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. We’ll also be experimenting with reduced pod sizes, including “one person teams” with engineers, designers, and product managers all in one role. In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs. To those who are affected I know there are real people behind these decisions — talented colleagues who have poured themselves into this company and our mission. To those of you who will be leaving: thank you. You’ve helped build Coinbase into what it is today, and I am sincerely grateful for everything you've done. All impacted team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and a senior leader in your organization. Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information. To those affected, we will be providing a comprehensive package to support you through this transition. US employees will receive a minimum of 16 weeks base pay (plus 2 weeks per year worked), their next equity vest, and 6 months of COBRA. Employees on a work visa will get extra transition support. Those outside of the US will receive similar support, based on local factors and subject to any consultation requirements. Coinbase prides itself on talent density. Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters. How we move forward To the team that is staying, I know this is a difficult day. We’re saying goodbye to colleagues and friends you've been in the trenches with. But here’s what I want you to know as we move forward together: Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry. We’ve made it this far by making hard decisions and by always staying focused on our mission. This time will be no different – nothing has changed about the long term outlook of our company or industry. And most importantly, our mission has never been more important for the world. Increasing economic freedom requires a new financial system, and we’re building it. The Coinbase that emerges from this will be more capable than ever to achieve our mission. Brian

We built the first autonomous machine-to-machine energy nanopayment. A solar panel sells electricity to a Bitcoin miner. No human involved — just two $2 chips negotiating price, streaming payments over Bluetooth on-chain. 24 payments in 4 minutes. Each from $0.00001 to $0.0001.

Dara Khosrowshahi is one of the most underrated CEOs. When he walked into Uber's headquarters in 2017, he was inheriting a full institutional collapse. The founder had just been forced out in disgrace after a year of sexual harassment scandals, a federal lawsuit alleging stolen self-driving technology from Google, mass executive resignations, and a global regulatory war with cities trying to ban the app entirely. On top of all of it, Uber was hemorrhaging $4.5B every single year with no credible plan to stop the bleeding. Dara did not just stabilize the company but rather rebuilt it from the inside out, restored trust with regulators and investors, and turned every single division into something that actually worked. "When we joined the company, we were losing $4 billion. We're going to cash flow $10 billion this year. So we should be taking big bets." That single statement represents a $14.5 billion financial swing in under a decade, one of the largest corporate turnarounds in modern business history. Uber is now positioning itself as the operating system of the entire autonomous vehicle revolution, not as a car company or a robotaxi builder, but as the platform sitting underneath all of them, collecting a toll on every driverless mile driven anywhere in the world. Waymo, Tesla, and every other self-driving company will spend tens of billions building the vehicles and the software, and Uber's bet is that none of them can replicate the one thing it already owns, 200 million users who open the app every week and press a button that says "get me a ride." Uber is already running Waymo robotaxis inside its own app in Austin and Atlanta, with 15 cities targeted for autonomous operations by the end of 2026 and 100,000 AV vehicles on the platform by 2027. Under that model, Uber captures a cut of every autonomous ride regardless of who built the car or wrote the software, and the margins are dramatically higher than anything the human-driver model ever produced. One of our analysts at Milk Road just took a position in Uber, and if you want to read the full investment thesis and see exactly what they are seeing in this stock right now, check out our full breakdown linked below.