US entrepreneur takes 90% pay cut for staff

I learnt with amazement that the CEO of  a US tech firm has cut his own pay by 90% to raise the minimum pay in his firm to $70,00 (£47,500) pa. The boss is Dan Price of Gravity Payments.

His reasons are interesting. According to the New York Times, "the move was inspired by Price reading an article suggesting that $70,000 was the magic salary above which workers stop caring so much about how much they earn."

So not merely altruistic but intelligent. More please!