A CEO who cut his own salary to give all of his employees a minimum wage of at least $70,000 per year says his company's revenue has tripled since he made the move.

"6 years ago today I raised my company's min wage to $70k. Fox News called me a socialist whose employees would be on bread lines," Dan Price, the CEO of Seattle-based credit card processing company Gravity Payments, tweeted Tuesday. "Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought." READ MORE