eToro Layoffs
July 2022
eToro announced a layoff affecting 100 employees (6% of its workforce) in July 2022. The company operates in the Finance sector.
100
6%
Jul 5, 2022
About
In July 2022, Israeli social trading and investment platform eToro laid off 100 employees, representing approximately 6% of its total workforce, with half of the cuts occurring in Israel. The layoffs coincided with the company's official termination of its planned SPAC merger, a deal initially valued at $10.3 billion that had stalled due to regulatory hurdles and a downturn in tech valuations. Citing challenging market conditions, eToro pivoted to seek private funding, entering advanced negotiations for a round of $800 million to $1 billion at a reduced $5 billion valuation. The fintech company's growth had been closely tied to cryptocurrencies, a sector facing increased regulatory scrutiny at the time.
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