Lay

Egypt-born and Dubai-headquartered mobility startup SWVL is planning to lay off 32% of its workforce, it said in a statement today. The company’s LinkedIn profile shows it has over 1,330 employees. Letting go of over 30% of its workforce means that around 400 people will lose their job at the mobility company. Tech companies, private and public, have faced a reckoning in the past few months with their valuations taking a beating. The effect of an economic downturn has also affected their finances leading them to cut…

Buy now, pay later products like Klarna's became wildly popular in the Covid pandemic.Noam Galai | Getty ImagesKlarna plans to lay off about 10% of its global workforce, making the buy now, pay later company the latest major tech name to announce job cuts.Sebastian Siemiatkowski, Klarna's CEO and co-founder, made the announcement to his employees in a pre-recorded video message Monday. The "vast majority" of Klarna employees won't be affected by the measures, he said, however some "will be informed that we cannot offer…

Klarna, the Swedish “buy now, pay later” service (BNPL), announced that it’s laying off 10 percent of its global workforce in a prerecorded video message, according to reports from Protocol and TechCrunch. The company currently has about 7,000 employees, and a 10 percent cutback puts the number of affected workers somewhere around 700. BNPL services like Klarna, Affirm, and Afterpay allows users to purchase a product for nothing or a small fraction of its full price. Customers can then make incremental payments over a…

Online car dealer Carvana Co. CVNA -3.33% plans to lay off 12% of its workforce after closing a deal to expand operations that forced the company to borrow on onerous terms. Carvana CEO Ernie Garcia III said in an email to employees that the company had overshot its growth strategy and would cut around 2,500 workers, centered around the company’s operations. The email was viewed by The Wall Street Journal.…