Bain crypto fund apologises for tweet featuring only men on Women’s Day

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The inci­dent illus­trates how much fur­ther cor­po­rate Amer­i­ca has to go to achieve gen­der equal­i­ty in the work­place. Women in the US earn on aver­age 83 per cent of what men make – and much of the gen­der pay gap is due to their under-rep­re­sen­ta­tion in the high­est pay­ing jobs and fields. A recent report found that female top exec­u­tives at S&P 500 com­pa­nies made only 75 per cent of what their male coun­ter­parts earned in 2020, the widest gap in nine years.

Some com­menters on social media point­ed out that Bain’s “mess up” wasn’t just the tweet or the pho­to col­lage of the men that accom­pa­nied it, but the fact that an all-male team could be assem­bled in the first place with­out any­one con­sid­er­ing gen­der diver­si­ty before­hand. Oth­ers also not­ed that the orig­i­nal tweet thread includ­ed Mr Cohen explain­ing his pri­or con­nec­tions to the new hires and how he chose them, high­light­ing how the “boys’ club” atmos­phere in ven­ture cap­i­tal can per­pet­u­ate gen­der imbalances.

Bain Cap­i­tal Ven­tures is one of the world’s biggest start­up-invest­ment firms, and its new cryp­to fund will invest in areas such as cryp­to start-ups and decen­tralised autonomous organ­i­sa­tions, or DAOs. The com­pa­ny did not respond to a request for comment.

Ven­ture cap­i­tal firms have long had a rep­u­ta­tion for lack­ing female rep­re­sen­ta­tion. A report from Axios in 2019 found that less than 10 per cent of deci­sion-mak­ers at ven­ture cap­i­tal firms in the US were women.

Bloomberg Wealth

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