From TechCrunch:
Tony Hsieh Steps Down From Vegas Downtown Project
Tony Hsieh, the CEO and founder of Zappos has stepped down from his leadership role at the Las Vegas Downtown Project, according to Re/code. Hsieh created the massive $350 million project to revitalize several city acres east of Las Vegas Boulevard and convert the area into a tech hub.See also Pacific Standard's "The Creative Class Boondoggle in Downtown Las Vegas" for a whiff of the self-absorbtion we've been seeing in techland.
Hsieh’s announcement comes right on the heels of a massive 30 person layoff at the project. Hsieh had called a surprise all-hands meeting at the Inspire Theater to announce the layoffs, witnesses to the meeting first told KNPR. Several different sources have said the layoffs mainly affected non-revenue generating entities including the Learning Village, tours and music programs.
A source close to the project reportedly said the layoffs were the result of the project “bleeding money.” The project had invested in real estate, a private school, restaurants, an ambitious transportation project and the purchase of what some may think of as frivolous and expensive items such as several Burning Man sculptures intended to decorate the area.
Most telling of the troubles to come may have been the closing of Factorli, a $10 million manufacturing plant that opened just this year. “Tony is not always altogether the most wise judge of character.” a source told Re/code. “There’s a lot of family. There’s a lot of drinking buddies. And some poor choices were made.”...MORE
