Layoff Events

In May 2024, the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit responsible for coordinating the Internet's domain name system, implemented organizational changes, including layoffs, to address a structural financial deficit. Facing persistently high inflation, a 20% rise in travel costs, and stagnant to slightly declining funding, ICANN's projected operating expenses were exceeding its revenue. To ensure long-term financial stability and sustainability, the organization restructured, resulting in an unspecified number of staff reductions as part of broader cost-cutting measures.

Funding Circle, a UK-based online lending platform, has laid off approximately 120 employees, representing about 17% of its global workforce. This restructuring, announced in early 2023, is part of a strategic shift to streamline operations and reduce costs amid challenging economic conditions in the fintech sector. The company, which connects small businesses with investors, is refocusing on its core markets to improve profitability.

Israeli startup Walnut, a developer of a sales and marketing demo experience platform, laid off 15 employees on May 29, 2024, which represents 20% of its total workforce. This follows a previous round of layoffs in 2023, and the company's team has been reduced by approximately 50% since then, from 120 to about 60 people. Walnut cited a need to adjust resource distribution and focus on core operations for efficiency, aligning with trends in the broader high-tech market. The company, which operates in the sales technology industry and has raised $56 million in funding, stated the restructuring impacts roles in Israel and other countries as part of updating its technological focus.

Struggling electric vehicle startup Fisker laid off hundreds of employees in late May 2024 as part of a desperate effort to conserve cash and stay afloat while seeking funding, a buyout, or preparing for potential bankruptcy. The layoffs were announced during an all-hands meeting after the company directed staff to work from home. Following several prior workforce reductions, including a 15% cut in February, estimates suggest only about 150 employees remain from the 1,135 reported in mid-April. The cuts were influenced by a major investor, with the company's restructuring officer having previously warned of over 300 layoffs if cash needs weren't met. Founder Henrik Fisker expressed a determined but somber outlook, emphasizing the continued sale of their Ocean SUV despite the severe downsizing in the competitive automotive industry.

Glovo laid off 22 employees on 2024-05-25.

Lucid Motors, an American electric vehicle manufacturer, announced a restructuring plan on May 24, 2024, resulting in layoffs of approximately 400 employees, which represents about 6% of its U.S. workforce. The decision, communicated by CEO Peter Rawlinson, aims to reduce costs as the company prepares for the crucial launch of its Gravity electric SUV later in the year. While the cuts affect various levels including leadership and mid-level management, hourly manufacturing and logistics staff are not impacted. This move, expected to incur $21 to $25 million in charges, reflects the competitive pressures in the EV industry, where several automakers are streamlining operations to improve profitability amidst ongoing financial challenges. Lucid reported increased revenue in Q1 2024 but continues to face operational losses, emphasizing the need for cost vigilance as it invests in future growth.

Satellogic, a commercial Earth imaging company, laid off 34 employees, representing 13% of its workforce, as announced in a May 24 SEC filing. This move is part of the company's ongoing efforts to reduce operational costs and control spending amid slower-than-anticipated revenue growth. The layoffs follow earlier workforce reductions in 2023, where about 110 jobs were cut, as the company seeks to extend its available cash. With 274 employees globally at the end of 2023, Satellogic is also in the process of relocating its headquarters to the United States to better pursue business opportunities with the U.S. government. The company reported a net loss of $61 million in 2023 despite a 68% increase in revenue to $10.1 million.

On May 23, 2024, location technology company Foursquare laid off 105 employees, representing approximately 25% of its workforce. The cuts were announced by CEO Gary Little in an email to staff, citing a need to streamline operations and achieve more sustainable financial footing. The layoffs impacted specific divisions, including Visits, OCF, and the Foursquare City Guide app, with work paused on several other initiatives. This move continues a trend of workforce reductions at the company, which evolved from a consumer check-in app into an enterprise data provider after its 2020 merger with Factual.

Denver-based Guild, an online worker education platform, laid off approximately 300 employees, representing about a quarter of its estimated 1,200-person workforce, on May 22, 2024. This marks the second significant workforce reduction in a year, following a 12% layoff in 2023. CEO Bijal Shah stated the cuts are part of a restructuring to enhance operational efficiency and innovation, despite the company's continued growth and its status as a tech unicorn valued at $4.4 billion. The edtech firm, which partners with major corporations like Walmart and Target, is offering affected employees severance and career transition support.

Silo, a Bay Area food supply chain software startup founded in 2018, laid off approximately 30% of its workforce, affecting over two dozen employees, on May 22, 2024. The company confirmed the across-the-board cuts, attributing them to recent financial difficulties stemming from a lending product issue where a customer defaulted, causing a banking partner to pause the service and impacting revenue. Amid these challenges, Silo is focusing on streamlining operations and is reportedly engaged in merger and acquisition discussions as it aims to stabilize and continue developing its supply chain management solutions for the perishables industry.

Cue Health laid off 180 employees representing approximately 100% of its workforce on 2024-05-22.

TikTok plans significant layoffs this week, but the exact number of affected employees, total employees, reason, and announcement date are not specified in the article.

Israeli AI startup Joonko, which developed a platform to help companies with diversity, equity, and inclusion goals, has effectively shut down after filing for Chapter 11 bankruptcy. The company, which employed around 50 people at its peak, laid off its entire workforce last summer following a major scandal. This collapse was triggered by the departure of its former CEO, Ilit Raz, amid serious allegations from the board of "egregious, unethical, and fraudulent conduct." The closure process is now being finalized by the COO, with the company planning to distribute its remaining $4.25 million to investors. Joonko had raised $29.5 million since its founding in 2016 and is currently under investigation by U.S. regulatory authorities.

Toshiba laid off 4,000 employees on 2024-05-16.

Wefox laid off 60 employees on 2024-05-16.

SeekOut, an AI-powered recruiting startup based in Seattle and last valued at $1.2 billion, laid off approximately 30% of its workforce on Thursday, May 16, 2024. This marks the company's second round of layoffs, following a 7% reduction in October 2023 that left it with about 200 employees. The cuts are a strategic response to unsustainable financials, with leadership citing a cash burn problem where the company was spending roughly $2 to earn $1. To achieve a sustainable trajectory and refocus on high-impact initiatives, SeekOut is reducing staff to strengthen its financial position and maintain competitiveness in the talent acquisition industry, which has faced a tougher environment since the company's high-growth period in 2022.

Gopuff representing approximately 6% of its workforce on 2024-05-16.

Replit laid off 30 employees representing approximately 20% of its workforce on 2024-05-16.

Renault's mobility service Karhoo has ceased operations and entered administration for the second time, declaring the business "no longer financially viable" as of May 2024. This closure, which affects the entire workforce, marks the end of the company's seven-year journey under Renault's ownership. Karhoo, originally a taxi comparison platform launched in London in 2016, had previously collapsed and laid off 120 employees in its first iteration before being rescued in 2017. Operating within the competitive mobility and transportation technology sector, the company ultimately could not achieve sustainable viability, leading Renault to wind down the service immediately.

Singularity 6, a video game developer known for titles like "Palia," laid off approximately 30 employees in early 2024. This reduction affected around 30-40% of its workforce, which was estimated to be about 80-100 employees prior to the cuts. The layoffs were part of a broader restructuring effort within the company, reflecting ongoing challenges and strategic shifts in the competitive gaming industry.

Atmosphere laid off 100 employees on 2024-05-15.

Mainvest representing approximately 100% of its workforce on 2024-05-14.

Indeed laid off 1,000 employees representing approximately 8% of its workforce on 2024-05-13.

Rivian, an American electric vehicle manufacturer, announced a workforce reduction in February 2024, affecting approximately 10% of its salaried employees. This move, part of a broader cost-cutting strategy, aims to improve operational efficiency amid a challenging market for EVs. The layoffs follow a previous reduction in 2023 and reflect the company's efforts to streamline operations and achieve profitability. Rivian operates in the automotive industry and is considered a major player in the electric vehicle sector.

Symend, a financial technology company specializing in customer engagement, has announced a restructuring effort that includes layoffs. While the exact number of employees affected was not disclosed in the company's public communication, the move is part of a broader initiative to streamline operations and reorganize for future growth and product innovation. The decision, communicated to staff in early 2023, reflects the company's strategy to focus its team and resources on delivering differentiated value to clients through its Conscious Engagement platform. Symend expressed gratitude to impacted employees and emphasized its ongoing commitment to its core vision and leadership in the industry.

Autonomous vehicle company Motional laid off approximately 550 employees, representing around 40% of its workforce, in a major restructuring effort in May 2024. The cuts affected nearly every team and office, including high-level departures like the COO, and led to the winding down of offices in Milpitas and Venice. This downsizing coincides with the company pausing commercial operations and delaying its robotaxi service launch until 2026, as it aims to conserve capital and refocus on improving its core technology and business model.

Vacasa, a property management company in the travel industry, laid off 800 employees, representing 13% of its total workforce, as part of a restructuring effort announced in late May 2024. This marks the fourth round of layoffs since CEO Rob Greyber took over in September 2022. The cuts disproportionately affected corporate and central operations, reducing those teams by 40%, while field staff saw a 6% reduction. The company aims to reorganize its operations to empower local teams to manage their markets more independently, significantly shrinking its central corporate footprint to improve efficiency and accountability.

Sight Diagnostics, an Israeli medical device startup specializing in rapid blood testing technology, laid off approximately 40 employees on May 9, 2024, representing about 30% of its 130-person workforce. This marks the company's second significant round of layoffs following a 2022 reorganization. The company, which has raised $124 million, cited the need to ensure financial strength amid a challenging macroeconomic environment in Israel and globally.

Arkane Studios laid off 96 employees representing approximately 100% of its workforce on 2024-05-08.

Smart home startup Brilliant has laid off the majority of its workforce and is seeking a buyer after running out of cash, as confirmed by CEO Aaron Emigh in May 2024. The company, which manufactures smart light switches and controllers, failed to secure a Series C funding round or find an acquisition partner, leading to this drastic step. While the exact number of employees affected isn't specified, the layoffs encompass most staff and include the shutdown of the support center. Brilliant's products are no longer for sale, but the company maintains that existing devices will continue to operate as servers are kept online during this transition period.

Unacademy Group's medical entrance test preparation platform, PrepLadder, laid off approximately 145 employees last week, representing about 25% of its then workforce of 560. This marks the third round of layoffs at the edtech startup in three years. The cuts are part of a sales strategy restructuring, impacting teams across sales, marketing, product, and technology, with the on-field sales team being the most affected. Unacademy, which acquired PrepLadder in 2020, has recently become more involved in its daily operations, prompting this reorganization to enhance business efficiency. The company is providing severance based on notice periods and extending medical insurance for impacted employees.

Paytm warned of job cuts on Wednesday after reporting a widened net loss in the fourth quarter, as it grapples with a regulatory clampdown by India's central bank. The company expects to cut employee expenses and reduce annual staff costs by $48 million to $60 million, following a ban on its banking partner Paytm Payments Bank in February.

Kinaxis representing approximately 6% of its workforce on 2024-05-08.

Indian fintech startup Simpl, operating in the buy now, pay later (BNPL) space, has laid off approximately 160-170 employees, representing about 25% of its workforce of around 650. This cost-cutting measure, announced in May 2024, is part of the company's push to achieve profitability by the 2025 fiscal year. The layoffs have most severely impacted the direct-to-consumer (D2C) checkout vertical and higher-paying functions like engineering and product, coming amid elevated monthly cash burn and slowed user acquisition. This marks the second major round of layoffs for Simpl in consecutive years, following a similar reduction in March 2023.

Hopin on 2024-05-07.

Enovix laid off 170 employees representing approximately 33% of its workforce on 2024-05-06.

Tesla has laid off more employees as the layoffs continue into the fourth week, but specific numbers, reasons, and dates are not provided in the article.

Cue Health laid off 230 employees representing approximately 49% of its workforce on 2024-05-03.

Rivian, the Irvine-based electric vehicle manufacturer, announced approximately 150 job cuts on May 3, 2024, marking its second round of layoffs this year. This reduction, impacting mostly support and back-office roles, is attributed to challenging market conditions, including high interest rates and lower consumer demand. The move follows earlier cuts focused on product and commercial vehicle teams. Despite these workforce adjustments, the company is simultaneously expanding its operations in Illinois with significant state incentives. Rivian, a major player in the competitive automotive industry, continues to navigate the evolving EV market landscape.

Sprinklr, a New York-headquartered enterprise customer experience management platform, laid off approximately 116 employees, representing about 3% of its global workforce of 3,869, in early May 2024. The company stated the cuts were part of a strategic realignment of its customer operations organization to improve go-to-market efficiencies and better serve clients, with notifications going out in markets including the U.S. and India. This follows a previous reduction of about 4% in February 2023. Despite the layoffs, Sprinklr recently reported strong quarterly revenue growth and a return to GAAP operating income, indicating the move is aimed at restructuring for future growth rather than financial distress.

In May 2024, lidar technology company Luminar announced a major restructuring, laying off approximately 140 employees, which represents 20% of its workforce. The company, which supplies sensors to automakers like Volvo, is shifting to a more asset-light business model to reduce costs and accelerate production scaling. This move includes outsourcing more lidar production to its exclusive manufacturing partner, TPK Holding, and reducing its global facility footprint. CEO Austin Russell cited challenging capital market perceptions and the need for a new cost structure, aiming to cut annual operating costs by $50–65 million while focusing on profitability and faster product commercialization.

Bakkt, a cryptocurrency trading platform, announced layoffs on Friday, cutting 28 employees, which represents approximately 13% of its non-call center, full-time workforce. The company, operating in the fintech and crypto industry, is undertaking this reduction as part of broader cost-cutting measures amid market challenges. This move follows a trend of workforce adjustments in the tech and crypto sectors, with Bakkt's shares rising slightly in response to the news. The layoffs highlight ongoing volatility and restructuring efforts within the digital asset space.

Peloton, the connected fitness equipment company, announced a significant restructuring on Thursday, which includes laying off approximately 400 employees, representing 15% of its global workforce. This move is part of a broader effort to realign the company's cost structure with its current revenue, as it reported disappointing fiscal third-quarter results that missed Wall Street expectations. The layoffs, alongside the departure of CEO Barry McCarthy, aim to reduce annual expenses by over $200 million by the end of fiscal 2025, with half the savings coming from payroll cuts. The hardest-hit departments include research and development, marketing, and international teams. This restructuring is intended to position Peloton for sustained positive cash flow while continuing to invest in innovation.

Cabify, the Spanish mobility and VTC company, laid off approximately twenty employees in Spain between January and April 2024. This move is part of an internal restructuring and team reorganization, described as a labor reordering that aligns with broader financial realignment efforts. The layoffs, while small in number, are linked to the company's strategic shift toward improving its EBITDA and operational metrics, as it prepares for a potential future IPO—a plan announced in 2023 but since postponed. Amidst these changes, Cabify has also secured significant funding and renegotiated debt, all while transitioning from its major shareholder Rakuten. The restructuring reflects a focus on financial sustainability and a revised compensation model emphasizing performance bonuses.

Assurance laid off 112 employees representing approximately 100% of its workforce on 2024-05-01.

Israeli insurtech startup Sproutt, which specialized in digital life insurance in the U.S., has declared insolvency and is heading for bankruptcy as of early May 2024. The company, which had raised $38 million and once reached a $200 million valuation, is unable to pay its debts, including $2.2 million to Bank Leumi and $740,000 to suppliers, while also owing unpaid employee salaries. Strategic missteps led to heavy expenses and estimated losses of about $33 million, as its subsidiary Aktibo failed to generate sufficient revenue to cover high marketing costs. The company's downfall marks a significant failure in the insurtech sector.

Google, the tech giant under parent company Alphabet, has laid off at least 200 employees from its critical "Core" organization, which handles the technical foundation and security for its flagship products. This move, confirmed in late April 2024, is part of a broader reorganization and cost-cutting strategy. The company is shifting these roles to lower-cost locations, specifically hiring corresponding positions in Mexico and India to operate closer to partners and developer communities. These layoffs, which included at least 50 engineering roles in Sunnyvale, California, continue a trend of downsizing that began in early 2023 when Alphabet cut 12,000 jobs, or 6% of its workforce. Despite a rebound in digital advertising, the company maintains its focus on restructuring and global workforce redistribution to optimize operations.

Peloton announced a new round of layoffs as part of a restructuring effort, coinciding with the CEO's resignation. The exact number of affected employees was not specified in the announcement.

In May 2024, ahead of its annual I/O developer conference, Google conducted layoffs affecting staff from key teams including Flutter, Dart, and Python, as part of broader organizational changes to streamline operations and align resources with major product priorities. While the exact number of employees impacted was not disclosed, the layoffs were described as targeted reorganizations rather than company-wide cuts, with affected individuals offered the opportunity to apply for other roles within the tech giant. Google emphasized these moves aim to reduce bureaucracy and focus investment on significant opportunities, maintaining that teams like Flutter and Dart remain committed to ongoing projects and updates.

Akili Interactive, a digital therapeutics company in the healthcare technology industry, laid off approximately 30% of its workforce, affecting around 40 employees, as part of a strategic restructuring to extend its financial runway and focus resources on commercializing its over-the-counter product, EndeavorOTC™. The layoffs, announced in early 2024, were driven by the need to reduce operational costs amid challenging market conditions, allowing the company to prioritize key growth initiatives in cognitive medicine.