Another billion plus thrown away!
Plus a lot of resources used for nothing or very little to show for.
Such a waste.
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Yet those employees weren’t laid off just funneled to other orgs.
RTFKT was probably the only M&A semi-successful, the acquisition was fairly cheap, small group of people were retain. We probably broke even maybe even made a little bit off the NTF scam. It was a fools dream like majority of our M&As for over the past 15 years. Our probably only successes was eliminating our SoCo business and outsourcing it.
One thing I’ve learned being here and other companies, M&As rarely ever work out, unless you just want to eliminate that competitor or grab the customers of them. Regardless, they eventually dry up and everyone always shells them.
Who is responsible for our M&A strategy that has led to these failed deals? Shouldn’t there be accountability for this streak of losses over the years?
From RTFKT to just “FKT”
Why wasn’t this the FIRST MOVE, before layoffs?
Nike paid $5M for RTFKT
The losses are minimal
“NFTs were dead/useless tech, and that was clear at the outset for anyone that knew anything about them.“
Seems unfounded and untrue if you look at the user stats and growth trends for NFTs right now. Nike made a blunder not having an activation strategy for RTFKT longer than 3 months, but the “tech” wasn’t the issue…
:tada: we can get back to spending money on product and marketing. Less on trying to be a 3rd rate tech company.
Sunk cost fallacy, y’all. Money was lost but that doesn’t mean we need to keep losing it.
Another company acquisition flushed down the financial statements, adding to Zodiac, Celect and the other Data related one.
Shocking - people were not willing to pay for virtual shoes?!
Perhaps an example in which these VPs were unwilling to call BS on this for fear of going against what others thought was "innovative". So lame.
And then there is me: deciding “should I book a $200 or $150/night hotel for my next business trip”…
Inexperienced people tend to jump at trends without putting thought or reason into it. Just "ohhh, shiny!" Those folks need to be gone.
NFTs were dead/useless tech, and that was clear at the outset for anyone that knew anything about them.
I could not belive the amount of senior tech folks that were pulled into that vortex of stupidity.
Another one of JDs hair brained ideas. RTFKT is shutting down someone is laughing all the way to the bank and JD leaves with a multi million $ payout. Is there no accountability?! I can't even get a bloody dedicated desk at campus. Speaks volumes on how much the average worker is valued at Nike.
I heard several VP’s in tech that wouldn’t stop talking about the Metaverse because of this purchase. They should be gone anyways, just another reason.
We need to get back to setting trends instead of following them. NFTs, AI,... what is next? They're spending billions of dollars as if they're using someone else's wallet.
How did you calculate the loss to be a billion? There’s no doubt it was a loss, but that figure seems exaggerated.
Love all of the people that talked about how genius of a move it was. Those geniuses are still in VP roles.