Carta

Equity management unicorn Carta conducted another round of layoffs on November 8, 2023, marking at least its third workforce reduction this year following cuts in January and July. While the exact number of employees impacted remains undisclosed, the layoffs were described as part of a broader company reorganization and not performance-related. Carta, a venture-backed fintech startup in the financial technology industry, had around 1,800 employees as of this summer. The move comes amid internal and external scrutiny following media coverage of company litigation, which CEO Henry Ward recently addressed in communications to clients and staff.

Carta, a $7.4 billion equity management platform, has laid off approximately 10% of its workforce, affecting around 200 employees, in January 2023. CEO Henry Ward cited the broader downturn in the tech and venture ecosystem, stating that customer struggles directly impact the company. This reduction follows similar cost-cutting measures in travel and vendor spending. The layoffs coincide with a lawsuit against its former CTO for alleged misconduct and reported customer dissatisfaction with service continuity. Severance includes 2.5 months of pay plus additional weeks per year of service, with support for visa holders and mental healthcare.

Carta, a fintech company providing equity management software, laid off 161 employees last week, representing 16% of its workforce across all departments. The layoffs were part of a restructuring effort, with the company citing a need to streamline operations. Affected employees are receiving a generous severance package, including three months of pay and healthcare coverage through the end of the year. The company operates globally with offices in San Francisco, Salt Lake City, and Rio de Janeiro.