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Matt Dominici
@Mattydom
@Bates, @Babson MBA who 💙 Boston sports & D'Annunzio from Caddyshack. Once RT by Bill Simmons. Views/opinions are my own. He/him
Boston, MA
Joined November 2008
869 Following
425 Followers
8K Posts
@kendallbaker Pronger x2 feels like cheating. Luckily it only took 5 minutes to limit possibility of divorce + losing custody of children 🤪
@danprimack Valid point. But to us normies, FSG feels like it. The “face” of Sox is FSG (not Henry), whereas the “face” of Kraft Sports is Kraft. Celts are good
comp: Chisholm is an MP at Sixth Street and they even have a stake, but since he is the “face,” it goes unnoticed. It’s the optics
Just noticed the @RedSox are 8-17 at home this year. By far the worst in MLB. Even the Rockies have won 10 games at home 🫠
They made quick work on that Hiro Finance acquisition rebrand
A preview for Pro users: a new personal finance experience in ChatGPT.
Pro users in the U.S. can securely connect financial accounts, see where their money is going, and ask questions based on the information they choose to connect.
Your full financial picture, now in ChatGPT.
This will absolutely be a trend moving forward: “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.”
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
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
Guess the red flags were there months ago that Breslow had his own Alex Guerrero…
Kyle Boddy owns his reputation.
“I’m part of the nerd group,” said Boddy, a senior advisor to Red Sox chief baseball officer Craig Breslow. “I’m not trying to exclude myself.”
Read more about Boddy: https://t.co/nlRZYHv2On
Counterpoint: wasn’t success of SAAS platforms also based on outcomes as well? e.g. if Sprinklr isn’t helping you gain or retain more business, they ain’t worth the budget spend. This seems a little bit like a McKinsey-esque marketing spin zone by Sequoia 🤔
Sequoia's thesis that the next $1T company will sell work, not software, is the most important reframe in AI right now.
The argument: if you sell a copilot, you're competing with every new model release. But if you sell the outcome — books closed, contracts reviewed, claims handled — every AI improvement makes your margins better, not your product obsolete.
The key insight most people miss: for every $1 spent on software, ~$6 is spent on services.
The entire SaaS playbook was about capturing the software dollar. The AI playbook is about capturing the services dollar — at software margins.
Not "AI for accountants." The AI accounting firm.
Not "AI for lawyers." The AI law firm.
The companies that figure this out won't look like SaaS companies. They'll look like services firms rebuilt on software infrastructure.
That's a fundamentally different company to build, fund, and scale. And most founders are still building copilots.
Late April Fools joke??
Allbirds, the shoe brand, now says it's an AI compute company.
@HebHammer94 RIP Copperfields
Fearbonding 101 - classic corporate retreat playbook
Streaming tech firm Plex held "Survivor"-themed corporate retreat for 120 full-remote staff in Honduras for $500k in 2017.
Could have been episode of "The Office":
◽️ hotel GM resigns 3 weeks before and says "I wish you the best with your retreat"
◽️ hotel head chef quits 3 days later
◽️ road to resort un-paved and towers with machine-gun toting guards en route
◽️food is crap and warned not to eat salad...Plex CEO wants veggies and eats salad, gets E.Coli on first day
◽️ Navy seal brought to run team through drills and it's a disaster because he'd never seen "such an unfit group"
◽️replacement chef had never served 100+ people and all chicken and beef comes out raw
◽️ resort fumigated every day to get rid of sand fleas
◽️ took 100+ employees to a remote island...~20 people stranded over night because 8-person propeller plane couldn't fly everyone back before dark (no light on runway on island)
A lot of people from trip still at company and Plex CEO Keith Valory says, "You get really close bonds on these trips. It’s like the life-sustaining force of the company."
$500,000!!!!!
Anyone else watching #Neighbors on @HBO ? It feels like it’s written by @nathanfielder but it’s real life. 🍌 Kinda like ���How To With John Wilson” but on steroids
Yikes
we're making @blocks smaller today. here's my note to the company.
####
today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone.
first off, if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you're being asked to leave, entering consultation, or asked to stay.
we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.
i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures.
a decision at this scale carries risk. but so does standing still. we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we've built in flexibility to account for that, and do the right thing for our customers.
we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold.
to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that's a fact that i'll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward.
to those staying…i made this decision, and i'll own it. what i'm asking of you is to build with me. we're going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we're going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that's what i'm focused on now. expect a note from me tomorrow.
jack
My head hurts over how they could spend more money on car washes versus private school tuition. How does the math math? If tuition is $545 for 2 months, that = $3,270/yr. How do I send my kids to THAT elite private school??
Interesting look at how an ultra-wealthy family spends money-
$72k on landscaping, $67k in wine/liquor for 2 months,
$154M in cash earning ~nothing
$484M loan against art at 1.43% interest!
In tonight's "adventures with AI" episode, I had ChatGPT create a Water Lilly art piece as if it was Monet, and share it in the exact file format for my Samsung Frame TV...and then made it give me instructions to upload it to said tv. Man, AI is wild
@HeyRatty Guys i love Will Campbell idk what happened in my dream last night ?? wtf
Ads are coming to AI. But not to Claude. Keep thinking.
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