Spin Layoffs
September 2022
Spin announced a layoff affecting 78 employees (10% of its workforce) in September 2022. The company operates in the Transportation sector.
78
10%
Sep 30, 2022
About
In October 2022, micromobility company Spin, owned by Tier Mobility and employing over 700 people, laid off approximately 78 employees, representing about 10% of its workforce. The layoffs, which included several executives and primarily affected white-collar staff at its San Francisco headquarters, were driven by lower-than-expected U.S. demand post-pandemic, economic challenges like inflation, and a tightening venture capital funding environment. CEO Philip Reinckens cited a "perfect storm" of industry issues, including supply chain constraints and the war in Ukraine, forcing the company to prioritize cash preservation and profitability. Concurrently, Spin exited its remaining Canadian market in Kelowna and Seattle, where it had operated scootershare programs.
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