Zeus Living Layoffs
May 2020
Zeus Living announced a layoff affecting 73 employees (50% of its workforce) in May 2020. The company operates in the Real Estate sector.
73
50%
May 12, 2020
About
Airbnb-backed corporate housing startup Zeus Living laid off 73 employees, representing nearly half of its remaining workforce, as announced by CEO Kulveer Taggar in a blog post on Tuesday, May 12, 2020. This drastic cut follows a previous round of layoffs in late March, where about 80 employees, or one-third of the staff, were let go. The company, which provides furnished long-term rentals primarily for business travelers in six U.S. metro areas, is facing severe challenges due to the coronavirus pandemic, which has halted travel and slashed its 2020 revenue projections to just 55% of original expectations. With a total employee count now significantly reduced, Zeus is also scaling back its property portfolio and has decided to return its PPP loan. The startup, backed by investors including Airbnb, recently raised $15 million at a reduced valuation, reflecting the tough market conditions in the travel and hospitality industry.
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