Layoff Events

In September, London-based fintech firm TrueLayer laid off 71 employees, representing approximately 25% of its workforce, as part of a cost-cutting initiative to achieve profitability. The layoffs occurred abruptly, with staff given just two hours' notice before a meeting where the cuts were announced, and affected employees departed the same day. This restructuring came shortly before the company secured a $50 million funding round, which lowered its valuation by about 30%, stripping it of its previous "unicorn" status above $1 billion. The move reflects broader challenges in the fintech sector, where companies are shifting away from a "growth at all costs" approach to focus on financial sustainability amid tighter funding conditions. TrueLayer, which provides open banking payment solutions for clients like Revolut and Coinbase, had previously reduced headcount in 2022 and experienced fluctuating employee numbers in recent years.

Mumbai-based audiobook startup Kuku FM has laid off 80-100 permanent employees this week as part of a cost-cutting restructuring, with the overall impact extending to around 300 on-roll and off-roll staff. The content team, including writers and producers, was the most affected. The company, which more than doubled its revenue to INR 88 Cr in FY24 while narrowing losses, is likely shifting toward leveraging artificial intelligence for content creation. This move follows a $25 million Series C funding round last year and occurs amid similar restructuring by competitors in the audio content industry.

Better Collective, a sports media and betting affiliate company, laid off over 300 employees after Q3 2024, representing approximately 15% of its total workforce. The job cuts are part of a broader €50 million cost-reduction initiative, announced in October, which also included lowered full-year revenue and EBITDA estimates. This restructuring aims to create a leaner organization amid challenges such as organic growth decline in its publishing and paid media segments, particularly due to reduced partner activity in the US and a slowdown in Brazil. Despite these cuts, CEO Jesper Søgaard emphasized the company's commitment to its existing business model, citing continued growth potential in the industry.

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AMD has confirmed laying off 4% of its workforce, approximately 1,000 employees, to focus on large growth opportunities. The company had about 26,000 employees last year, and this move follows a mixed Q3 earnings report with declines in the gaming division and challenges in AI chip sales against Nvidia.

Chegg laid off 319 employees representing approximately 21% of its workforce on 2024-11-12.

Stoa, a Bengaluru-based startup offering an alternative MBA program, has shut down its operations after four years, effectively laying off its entire team. The company, which had served over 1,500 students, cited a post-pandemic dip in demand for online learning as a key reason. Co-founder Raj Kunkolienkar explained that while the company built a strong brand, it decided against transitioning to an offline model due to unfavorable economics that conflicted with its mission of affordable education. Earlier this year, Stoa attempted to pivot by launching an AI-based enterprise agent platform called Zeus, but this initiative did not sustain the business. The closure marks the end for a notable player in the edtech and alternative business education space.

Lyra Health laid off 77 employees representing approximately 2% of its workforce on 2024-11-12.

Forward laid off 200 employees representing approximately 100% of its workforce on 2024-11-12.

New Relic on 2024-11-12.

Enphase Energy, a leading solar microinverter manufacturer, laid off approximately 10% of its workforce in December 2023, affecting around 350 employees out of a total of roughly 3,500. The company, operating in the renewable energy industry, implemented these cuts as part of a restructuring plan to reduce operating costs and align with softening market demand, particularly in the U.S. residential solar sector. This move reflects broader industry challenges, including high interest rates and policy changes, impacting the scale of operations for this publicly traded clean technology firm.

Sword Health, a $3 billion digital health startup, laid off 13 physical therapists in October 2024, representing about 17% of its roughly 75 treatment-facing clinicians. The company, which provides virtual care for muscle and joint pain, stated the cuts were performance-based. This move aligns with its strategy to leverage AI to scale operations, aiming to increase each therapist's caseload significantly—from about 200-300 patients to a target of 700 by year's end—by using AI to draft patient communications. The startup, which raised $130 million in June 2024 and is eyeing a potential 2025 IPO, continues to hire, with over 30 open positions for physical therapists.

23andMe laid off 200 employees representing approximately 40% of its workforce on 2024-11-11.

Mozilla Foundation laid off 30% of its employees in the second round of layoffs this year, with executive director Nabiha Syed confirming that advocacy and global programs divisions are no longer part of the structure, though advocacy remains a central tenet according to the communications chief.

Supersonic aircraft startup Exosonic is winding down operations entirely in November 2024, resulting in the layoff of its entire team. The company, founded in 2019 and part of Y Combinator's Winter 2020 cohort, was developing quiet supersonic airliners and drones for the Department of Defense. Despite raising over $4.5 million and achieving milestones like the test flight of its EX-3M Trident UAV, Exosonic stated it could not secure the necessary customer traction and funding to sustain its cash needs and continue advancements. The shutdown marks the end of a five-year effort to revive commercial supersonic travel.

In November 2024, autonomous electric tractor startup Monarch Tractor laid off approximately 35 employees, representing about 10% of its workforce. This was the company's second round of layoffs in 2024, following a 15% reduction in July. The Livermore, California-based company, which has raised $220 million since its 2018 founding, is restructuring due to a slower-than-expected third quarter and a downturn in the agricultural technology sector. Key factors include a crash in California's vineyard market—a core early customer base—and a broader pullback in agri-tech investment. The restructuring shifts Monarch's focus toward licensing its autonomous vehicle technology, expanding sales of its AI farm management software, and pursuing non-agricultural customers such as golf courses and solar farms. CEO Praveen Penmetsa cited these strategic pivots, alongside increased reliance on manufacturing partner Foxconn, as reasons for the cuts, which affected engineering and operations teams. Some employees reported being let go without severance.

BigCommerce on 2024-11-08.

Akamai laid off 250 employees representing approximately 2% of its workforce on 2024-11-07.

Just Eat, a major online food delivery platform, has laid off approximately 170 employees, which represents about 4% of its global workforce. The decision, announced in April 2026, is part of a broader restructuring effort aimed at streamlining operations and reducing costs amid a challenging economic climate for the tech and delivery industry. The layoffs are intended to help the company focus on core strategic priorities and improve long-term efficiency.

Freshworks, a Nasdaq-listed SaaS platform, announced a 13% reduction of its global workforce on November 7, 2024, affecting 660 employees out of a total of over 5,000. The layoffs are part of a restructuring plan to streamline operations and reallocate investments toward its fastest-growing Employee Experience (EX) business, following a strategic shift under new CEO Dennis Woodside. The company expects to incur related charges of $11-13 million in Q4 2024 and complete the restructuring by year-end. Concurrently, Freshworks authorized a $400 million stock buyback program. Despite a 7% quarterly revenue increase to $186.57 million, net losses widened, highlighting the operational pressures prompting this move.

Opendoor, a major player in the iBuying real estate technology sector, has conducted a significant workforce reduction, laying off approximately 560 employees. This cut represents about 18% of its total workforce. The layoffs, announced in November 2022, are a direct response to the deteriorating conditions in the housing market, characterized by rising mortgage rates and declining buyer demand. As a publicly traded company, Opendoor is implementing these cost-cutting measures to navigate the market downturn and preserve its financial stability.

ShareFile laid off 199 employees on 2024-11-07.

Personio, a Munich-based HR tech unicorn, laid off 115 employees on November 7, 2024, affecting approximately 6% of its workforce. Founder and CEO Hanno Renner explained the decision in an open statement, citing that costs had grown disproportionately to revenue, necessitating significant savings. He described the layoffs as one of the toughest decisions of his career, taking full responsibility for the strategic missteps that led to this outcome. The company operates in the HR software industry and is considered a large-scale unicorn startup.

Avaya, a major player in the unified communications and collaboration industry, has initiated another significant round of layoffs, believed to be larger than the cut of about 180 jobs (roughly 3% of its workforce) announced in July 2024. This latest wave, with notifications occurring around November 6, 2024, continues the company's ongoing restructuring efforts aimed at aligning investments and focusing on profitability. These moves follow Avaya's emergence from Chapter 11 bankruptcy in early 2023 and a recent leadership transition, with a new CEO taking over in September to steer the company's next chapter.

Outreach laid off 67 employees representing approximately 9% of its workforce on 2024-11-06.

In November 2024, robotics company iRobot laid off 105 employees, representing about 16% of its remaining workforce. This is part of an operational restructuring plan announced in an SEC filing. The layoffs follow a much larger round earlier in 2024, when roughly 350 jobs (31% of the workforce at the time) were cut after Amazon's planned $1.7 billion acquisition of the Roomba maker collapsed due to regulatory hurdles. CEO Gary Cohen stated the new operating model aims to increase product development efficiency with significantly fewer resources. Since the start of 2024, iRobot's global workforce has been reduced by approximately 50%.

The Mozilla Foundation, the nonprofit governance arm of the Firefox maker, laid off approximately 30% of its staff in late October 2024, affecting around 36 employees based on a reported workforce of about 120. This restructuring, announced internally on October 30, eliminated the standalone advocacy and global programs divisions as the organization seeks increased agility and focus amid what it describes as a relentless onslaught of technological change. The move aims to consolidate efforts around ensuring an open and equitable technical future, embedding advocacy into other functional areas. This marks the second round of layoffs at Mozilla in 2024, following earlier cuts at its for-profit development arm, Mozilla Corporation.

In November 2024, Israeli software acceleration company Incredibuild laid off 18 employees, representing about 11% of its workforce, as part of its $65 million acquisition of German startup Garden. The layoffs, which affected staff in Israel, were described as a strategic move to adapt the company's capabilities and market strategy following the acquisition. Concurrently, Incredibuild is hiring for the newly acquired Garden team. The company, which operates globally in the tech industry and had about 150 employees prior to this round, aims to integrate Garden's technology to significantly speed up development and CI pipelines for its customers. This follows a previous round of layoffs at the end of 2023.

Israeli IT management platform company Atera has laid off 20 employees, representing about 6% of its 350-person workforce, as part of a workforce restructuring aimed at efficiency improvements. The layoffs, announced in early November 2024, primarily affect staff in Israel. The company, which provides an AI-powered platform for remote IT management and fault prevention, stated it continues to grow and plans to hire dozens of new employees in areas like development and product by the end of 2025. Atera, which raised $77 million in 2021, is offering support packages to the affected employees.

Bowery Farming representing approximately 100% of its workforce on 2024-11-01.

Maven Clinic, a unicorn health tech startup focused on women's health, laid off 60 employees on Monday, November 1, 2024. This workforce reduction represents approximately 10% of its total staff. The layoffs come just weeks after the company raised $125 million in funding, indicating a strategic restructuring to optimize operations and extend its financial runway in the competitive health technology industry.

Lidar-maker Luminar announced a 25% workforce reduction on Friday, November 1, 2024, as part of cost-cutting measures to address a cash shortage, with the company warning it could run out of money by early 2026. The layoffs affect an unspecified number of employees from a total of around 580 at the start of the year, following earlier layoffs in 2024. The company is facing financial challenges, including lower-than-expected sales to Volvo and potential breaches of loan agreements.

Music streaming service Tidal, owned by Block, is undergoing its second major layoff within a year, potentially affecting around 100 employees, which would represent approximately 25% of its workforce. This follows a previous round of about 40 layoffs in December 2023. CEO Jack Dorsey announced the company is restructuring to operate more like a startup, eliminating entire product management and product marketing functions, reducing its design team, and streamlining foundational roles. The move, part of a broader strategy to focus on engineering and design while narrowing its scope, comes after Tidal discontinued its free user tier in March. The exact number of layoffs is still being finalized, with further reductions in engineering possible in the coming weeks.

Miro laid off 275 employees representing approximately 18% of its workforce on 2024-10-30.

Kraken laid off 400 employees representing approximately 15% of its workforce on 2024-10-30.

Dropbox laid off 527 employees representing approximately 20% of its workforce on 2024-10-30.

dYdX, the decentralized crypto exchange, laid off 35% of its workforce on October 30, 2024, as part of a major restructuring effort. The cuts, which affected more than a third of the core team, were announced by CEO Antonio Juliano, who had recently returned to lead the company. He cited a challenging year marked by tough competition and market conditions, stating the need to revitalize the company and shift direction to avoid fading relevance. This move occurred on the same day as significant layoffs at Consensys, another major player in the crypto industry. dYdX operates in the blockchain and cryptocurrency sector, focusing on decentralized trading platforms like its perpetual futures exchange, dYdX v4. The layoffs reflect broader pressures in the crypto space, even as Bitcoin approached all-time highs around that time.

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Twelve, a climate tech company developing sustainable aviation fuel, recently underwent a restructuring as it moves into a critical growth phase. While the exact number of layoffs is not specified, the post acknowledges that "other talented individuals are also leaving" alongside co-founder and former CTO/COO Kendra Kuhl, who is transitioning to an advisory role. The company, which has raised $645 million in recent funding and secured major customer deals, is streamlining its team to focus on scaling its technology from the lab to full production. This shift reflects the company's evolution from a research-intensive startup to a commercialization-focused entity within the competitive climate tech industry.

Coursera laid off 150 employees representing approximately 10% of its workforce on 2024-10-25.

In October 2024, rental car startup Kyte underwent a major restructuring to ensure its survival, cutting its workforce by 40% to 50% and drastically scaling back operations. The company, which had rapidly expanded to over a dozen U.S. markets, is now retreating to focus solely on its two strongest markets: San Francisco and New York City. This decision came after the company explored a sale and faced challenges with unit economics and generating free cash flow in a capital-constrained environment. The layoffs heavily impacted engineering, consumer, and growth teams as Kyte aims to reach profitability within the next 18 months.

Airthings, a Norwegian company specializing in indoor air quality monitoring devices, conducted a layoff affecting approximately 30% of its workforce in late 2022. This reduction impacted around 45 employees as part of a strategic restructuring plan aimed at extending the company's financial runway and achieving profitability. The decision was driven by challenging market conditions, including a slowdown in the smart home and consumer electronics sectors. Airthings, which had scaled significantly during the pandemic, adjusted its operations to navigate the post-pandemic economic environment and focus on sustainable growth.

Catena Media, a company in the online marketing and affiliate industry, laid off 29 employees from its content production and marketing teams on October 23, 2024, with the cuts effective from November 1. This represents a streamlining effort as part of the company's transition to a "leaner, product-led organisation," aiming to flatten its structure and align more closely with product development goals. The layoffs, which will result in annual savings of approximately €2.2 million, were announced alongside preliminary Q3 2024 results showing a revenue decline. Severance costs for the affected employees are estimated at around €400,000. The move is part of a broader strategy to focus on core flagship products and diversify revenue streams amid financial restructuring.

Upwork, a global freelance marketplace, announced on October 23, 2024, a significant workforce reduction as part of organizational changes aimed at driving profitable growth. The company is laying off 21% of its employees, which translates to approximately 300 people based on its total workforce of around 1,400. This move is expected to generate about $60 million in annual cost savings, advancing Upwork toward its five-year profitability target. The restructuring focuses on streamlining operations, optimizing R&D spending, and sharpening its Enterprise strategy to increase efficiency and accelerate innovation in the competitive hiring and staffing industry.

Jellysmack laid off 22 employees on 2024-10-21.

Venminder laid off 100 employees on 2024-10-21.

Chief, a networking organization for executive women valued at $1.1 billion, has conducted layoffs primarily affecting technology and administrative roles as part of a restructuring effort announced in October 2024. The move aims to provide the company with "more agility" and balance growth with profitability, according to a spokesperson. While the exact number of employees impacted was not disclosed, this follows a previous round in April 2023 when Chief laid off 14% of its staff amid a challenging economic climate. The company, which describes itself as the nation's largest network for senior executive women, recently refocused on its U.S. operations after closing its London office, and is now concentrating on enhancing member experiences like executive coaching and education programs.

Meta laid off employees across multiple teams, including Reality Labs, Instagram, and WhatsApp, on Wednesday as part of a reorganization to reallocate resources and align with long-term strategic goals. The company did not disclose the number of affected employees, but some were offered new positions or severance packages.

In October 2024, Y Combinator-backed fintech startup CapWay, which focused on providing financial services and literacy to underserved communities in banking deserts, was officially shut down by its founder Sheena Allen. The company, which had raised just under $800,000 from investors like Backstage Capital and Khosla Ventures, began winding down operations in 2023 after a potential acquisition fell through. Allen cited a challenging fintech environment, including reputational damage from industry incidents like the Synapse collapse and the Evolve Bank hack, which made securing banking partnerships difficult. While the exact number of employees laid off was not specified, the closure resulted in the full team being let go as the company ceased operations, ending its mission launched in 2016 to promote financial inclusion.

Meta has initiated a new round of layoffs affecting employees across key divisions like WhatsApp, Instagram, and Reality Labs, as part of ongoing reorganizations to align resources with long-term strategic goals. While the exact number of employees impacted in this specific round is not disclosed, these cuts follow a broader trend at the company, which previously laid off 11,000 employees in 2022 and an additional 10,000 in 2023 as part of CEO Mark Zuckerberg's declared "year of efficiency." The tech giant, operating in the social media and technology industry, continues to adjust its workforce in response to post-pandemic growth reassessments and strategic realignments, with these latest reductions occurring in October 2024.