lays

Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices.The cryptocurrency exchange will cut 18% of full-time jobs, according to an email sent to employees Tuesday morning. Coinbase has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.Shares of Coinbase closed down .83%.CEO Brian Armstrong pointed to a possible recession, and a need to manage Coinbase's burn rate and increase efficiency. He also said the company grew "too quickly"…

Tesla has started another wave of layoffs, and this time it also includes hourly workers instead of just salaried employees like CEO Elon Musk claimed. Earlier this month, we reported on Musk telling Tesla executives in an email that they need to cut 10% of the workforce and pause hiring due to having a “super bad feeling” about the economy. Later, the CEO has decided to clarify the Tesla layoffs in an email to all employees. He claimed that the 10% reduction would be for “salaried headcount” due to Tesla becoming…

Stellantis said it would begin an indefinite layoff starting next week at its Sterling Heights stamping plant in Michigan. The carmaker did not specify the number of employees being laid off but said, in an emailed statement to Reuters, the decision was made “in order to operate the plant in a more sustainable manner”. A letter posted on the Facebook page of United Auto Workers Local 1264, a union that represents…

Los Angeles-based micromobility company Bird is looking to trim down, at the cost of hundreds of jobs. The shared electric scooter company has reportedly let go 23% of its employees in its latest round of layoffs. Particularly hard hit was Bird’s consumer product division, which expanded to include electric bikes and electric scooters that were designed for direct-to-consumer sales, in addition to Bird’s shared electric scooter operations. As Michael Browne explained on LinkedIn: “Today I learned just how risky a…

SAO PAULO: Online car dealership Kavak has scaled back its operations in Sao Paulo and Rio de Janeiro less than a year after expanding to Brazil from Mexico, firing an estimated 150 employees.Founded in 2016 and backed by Japan's SoftBank Group Corp, Kavak became Mexico's first tech "unicorn" last October when it reported a valuation of more than $1 billion, making it the second-most valuable startup in Latin America.O Estado de S.Paulo spoke to various of the company's laid-off employees, who claim the dismissals were…

Microsoft says it’s “significantly” scaling down its business in Russia, more than three months after Russia invaded Ukraine. The software giant first pulled the plug on “new” sales of products and services in Russia in early March, and now Bloomberg News reports that the company is laying off 400 employees in Russia as it begins to wind down its business there. “As a result of the changes to the economic outlook and the impact on our business in Russia, we have made the decision to significantly scale down our…

Clubhouse has laid off some of its employees, Bloomberg . It’s unclear exactly how many staff the company let go, but at least some now-former workers left voluntarily to pursue opportunities outside of Clubhouse. Among one of the more high-profile departures was , a former National Public Radio editor who joined the company to head up its news partnerships initiative. Clubhouse also lost its and leads. “A handful of roles were eliminated as part of streamlining our team, and a few individuals decided to pursue new…

Melia Russell / Insider: Tiger Global-backed email service Superhuman lays off 23 employees, or about 22% of its workforce; Superhuman was most recently valued at $825M in August 2021 — - Email app Superhuman laid off 22% of its workforce on Friday, the CEO said in a tweet. — Superhuman makes a premium email app for power users. Melia Russell / Insider: Tiger Global-backed email service Superhuman lays off 23 employees, or about 22% of its workforce; Superhuman was most recently valued…

SoftBank-backed social messaging unicorn IRL (In Real Life) which is very popular among the teenagers in the US, has announced to lay off 25% of its team citing market dynamics.In a memo to employees, IRL CEO and co-founder Abraham Shafi said that "we have all seen the state of the market.""The world is going through a collective struggle of inflation, higher cost of goods, layoffs, school shootings, and many experiencing loneliness and depression," said Shafi."Exercising discipline and adaptation to our current…

Another edtech startup Udayy, backed by Info Edge, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen.Udayy's co-founder Saumya Yadav said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning"."After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said.The…