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On 2 January 2017, former Alaska governor Sarah Palin posted a message referencing a quote from former British prime minister Margaret Thatcher about socialism, along with a link to a story about Dan Price, the CEO of Gravity Payments, who took a drastic pay cut to raise the minimum salary at his company to $70,000 and then had to rent out his home in order to make ends meet: The linked story was not current news; it was originally published by Young Cons on 1 August 2015: The Young Cons article was based on a comment Price made in a video interview with the New York Times. Price, who slashed his own $1 million pay package to provide a minimum salary of $70,000 to all his employees, told the newspaper that he had received mixed reactions about the new pay structure and was still adjusting to life on his own much lower salary. Price's relevant comments come at the 2:30 mark of the following video: Price did indeed put his house up for rent on AirBnB (an online marketplace and homestay network). The first review for the listing was posted in June 2015, and the house was reviewed eight additional times (with the most recent review as of this writing coming from August 2016). However, Price's actions didn't necessarily demonstrate any failings of socialism, indicate that Gravity Payments was suffering financially, or show that Price had fallen on hard times. Price told Today in August 2016 (more than a year after he made his initial salary announcement) that some of the financial adjustments he made, such as renting out his house during the summer, were neither permanent nor based purely on financial necessity: Price's salary adjustments sparked massive interest in Gravity Payments (a credit card processing company), and according to an article published by Inc Magazine, the company's revenues and profits doubled in the six months following Price's announcement: We talked to a close associate of Dan Price's at Gravity Payments who confirmed all of the above for us. Mr. Price chose to put his house up on Airbnb during the summers months not out of financial necessity, he said, but because Price lives alone and has far more room than he needs (in addition to plenty of friends and acquaintances in the area with whom he can stay), so why not let others enjoy his beautiful home part of the year and raise some extra revenue in the process? He also noted that because the company's revenues and profits have shot up dramatically since the minimum wage announcement (rather than sharply declining, as initially expected), Price could have returned his salary to its previous much higher level but has so far opted not to.
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