Layoff Events

Discord, the popular messaging and community platform, is laying off 170 employees, which represents 17 percent of its workforce. The cuts, announced on January 11, 2024, are the company's largest to date and follow a previous reduction of 4 percent in August 2023. In an internal memo, CEO Jason Citron stated that the layoffs are intended to sharpen the company's focus and improve operational agility. He admitted that Discord expanded its headcount too rapidly, growing fivefold since 2020, which led to inefficiency. While not in dire financial straits, the company has yet to achieve profitability and is working to revive user growth after a pandemic surge. This move is part of a broader trend of workforce reductions across the tech industry.

Certinia on 2024-01-11.

Dextrous Robotics representing approximately 100% of its workforce on 2024-01-11.

FreshDirect, the New York City-based online grocery service, has laid off more than 100 employees, representing 3.5% of its workforce of over 3,000, as part of a corporate restructuring. This move comes two months after its parent company, Ahold Delhaize USA, announced the sale of FreshDirect to rapid delivery firm Getir. The company stated the restructuring is necessary for long-term sustainability, affecting various divisions including talent acquisition, transportation, and IT. As one of the U.S.'s pioneering online grocers, FreshDirect has faced challenges expanding beyond its core tri-state region, leading to this strategic shift in early 2024.

Cloud Software Group (CSG), the parent company of Citrix, has laid off approximately 1,000 employees, representing about 12 percent of its global workforce, as part of a streamlining effort to build a stronger foundation for future growth. CEO Tom Krause announced the cuts in a LinkedIn post, noting that many of the affected roles in operations, security, and IT functions are expected to be rehired by partners in an outsourced capacity, potentially impacting around 500 individuals. This move follows a previous 15 percent workforce reduction a year ago and is aimed at simplifying internal processes and better aligning resources with business unit strategies. CSG, formed in 2022 through the merger of Citrix and Tibco, operates in the enterprise software industry and serves over 100 million users globally.

SoFi, a financial technology company, laid off approximately 60 employees, representing about 5% of its workforce, in January 2023. The layoffs were part of a strategic restructuring to streamline operations and improve efficiency amid broader economic uncertainty. The fintech industry has faced significant challenges, and SoFi, as a publicly traded company, made this adjustment to better position itself for future growth.

Instagram, owned by Meta, has begun 2024 by eliminating a layer of management as part of CEO Mark Zuckerberg's ongoing "efficiency" drive. This week, the company informed at least 60 technical program managers (TPMs) at Instagram that their roles are being removed, effectively laying them off. These employees are being offered the chance to reinterview for product manager positions, but if unsuccessful, their employment will end in March. This move aligns with Meta's broader "flattening" strategy to reduce management layers and streamline operations, continuing the trend of restructuring that began with significant layoffs last year. The tech giant aims to adjust its headcount closer to 2020 levels, reflecting ongoing shifts in the social media and technology industry.

Google, a major player in the tech industry, confirmed on January 11, 2024, that it laid off around a thousand employees. The cuts impacted several divisions, including core engineering, Google Assistant, and the hardware team responsible for Pixel, Nest, and Fitbit products, with "a few hundred" roles eliminated in each. This move is part of a broader post-pandemic effort by the company to streamline operations and improve efficiency. While the exact percentage of its total workforce is not specified, these layoffs reflect ongoing organizational changes within the large-scale corporation.

Twitch, an Amazon-owned livestreaming platform, is laying off 500 employees, which represents 35% of its staff, as part of efforts to build a more sustainable business and align its organization size with current business scale and conservative growth predictions.

Amazon announced layoffs affecting 'several hundreds' of employees at Prime Video and MGM Studios, as part of a broader effort to reduce investments in certain areas and focus on high-impact content and product initiatives. The cuts were announced in a memo by senior vice president Mike Hopkins on Wednesday, with notifications beginning in the U.S. and extending to other regions by the end of the week. This follows previous layoffs at Amazon, including 500 at Twitch and thousands across other divisions in 2023.

ChargePoint representing approximately 12% of its workforce on 2024-01-10.

Beam Benefits laid off 74 employees on 2024-01-10.

IAC laid off 330 employees on 2024-01-10.

FullStory laid off 50 employees representing approximately 10% of its workforce on 2024-01-09.

In December 2023, fintech startup Treasure Financial laid off 14 employees, which represented approximately 60% to 70% of its workforce. The San Francisco-based company, which provides cash management software and is a registered investment advisor, cited a need to streamline operations and align with strategic goals and financial realities. This move came just months after the company reported explosive growth in mid-2023, having doubled its client base to about 300 and nearly doubled its assets under management to roughly $500 million following a $7.5 million funding round in July. CEO Sam Strasser attributed the layoffs to market conditions and organizational challenges, noting that severance and extended benefits were provided to affected staff.

Humane, the secretive AI hardware startup founded by former Apple executives, laid off 10 employees this week, representing 4 percent of its workforce, as a cost-cutting measure ahead of the launch of its first product. The five-year-old company, which has raised over $200 million from prominent investors like OpenAI's Sam Altman, is preparing to ship its highly anticipated AI Pin in March. The $699 wearable device, positioned as a smartphone alternative, requires a monthly subscription. CEO Bethany Bongiorno described the layoffs as part of a strategic organizational refresh to align the company for its next growth phase as it transitions from a development startup to a commercial hardware entity.

Uber Freight laid off 40 employees on 2024-01-09.

Twitch laid off 500 employees representing approximately 35% of its workforce on 2024-01-09.

Nevro laid off 63 employees representing approximately 5% of its workforce on 2024-01-09.

Rent the Runway laid off 37 employees representing approximately 10% of its workforce on 2024-01-09.

Discord laid off 170 employees, representing 17% of its staff, due to over-hiring and the need to improve efficiency, as announced on January 9, 2024. The company grew its workforce fivefold since 2020 but is not yet profitable, leading to this restructuring.

Trend Micro, a major Japanese cybersecurity company, laid off approximately 152 employees, representing 2% of its global workforce of 7,582. The job cuts were announced on Tuesday as part of a broader business transformation plan aimed at focusing on customer expansion through its platform. This move aligns the company with a wider trend of tech industry layoffs amid ongoing economic challenges, as Trend Micro indicated it has no plans to actively increase its headcount in the near term.

EVBox on 2024-01-09.

Morning Consult on 2024-01-09.

Branch laid off 85 employees on 2024-01-09.

In January 2024, Berlin-based startup Pitch, the company behind collaborative presentation software, underwent a major restructuring. The company laid off approximately 80 employees, which represented about two-thirds of its workforce, reducing headcount from around 120. Co-founder and CEO Christian Reber stepped down, with CTO Adam Renklint taking over as the new CEO. The layoffs and leadership change were part of a strategic shift to abandon its previous hyper-growth, venture-backed model. Facing the challenging economic climate for startups in 2023 and acknowledging that expectations had become unsustainable, Pitch decided to reset its company and cap table with investors. The firm is now focusing on bootstrapping, pursuing profitability, and aiming for organic growth instead. Pitch had raised over $130 million from notable investors prior to this pivot.

Unity laid off 1,800 employees representing approximately 25% of its workforce on 2024-01-08.

MeridianLink, a provider of software solutions for the financial services and mortgage industries, has conducted a layoff affecting approximately 4% of its workforce. This reduction, which occurred in early 2024, is part of a strategic restructuring effort aimed at improving operational efficiency and aligning the company's cost structure with its long-term growth objectives. The move reflects broader challenges and adjustments within the fintech and mortgage technology sectors.

Lendio, a financial technology company in the small business lending sector, conducted a reduction in force, laying off a number of employees. The announcement was made by a company representative via a LinkedIn post, which expressed regret over letting go of talented engineering staff. While the exact number of affected employees and the percentage of the workforce were not specified in the available post, the layoffs were framed as an unfortunate but necessary business decision. The event occurred approximately two years prior to the current date, based on the post's timestamp.

Flipkart, the major Indian e-commerce platform, is reportedly planning to lay off between 1,100 and 1,500 employees, representing 5-7% of its 22,000-strong workforce, as part of a performance-based restructuring and cost-control strategy. This initiative, expected to be completed by March-April 2024, follows a year-long hiring freeze and aligns with similar cost-cutting moves in the tech industry. The company is concurrently finalizing a $1 billion funding round led by Walmart to support its strategic plans, including a delayed IPO.

Ledger Investing representing approximately 25% of its workforce on 2024-01-08.

Flexe laid off 99 employees representing approximately 38% of its workforce on 2024-01-08.

Toronto-based AI and biomedical startup BenchSci has laid off 70 employees, representing 17 percent of its workforce, as it adapts to the impact of generative AI in drug discovery. The company, which recently secured $95 million in Series D funding, cited shifts in the economic environment, operational efficiencies, and technological advancements as reasons for the restructuring. BenchSci aims to reinvest in generative AI to enhance its preclinical research platform, despite the difficult decision to reduce its team. The layoffs reflect a broader trend among Canadian AI and biotech firms adjusting their strategies in a changing market.

NuScale Power laid off 154 employees representing approximately 28% of its workforce on 2024-01-08.

Here, a Miami-based fractional short-term vacation rental marketplace startup, has shut down its investment platform on January 3, 2024, citing the challenging interest rate environment and economic conditions. While the company did not disclose specific layoff figures, the closure of this core platform suggests a significant operational downsizing. Founded in 2021 and launching in 2022, the proptech/fintech startup had raised $5 million in known funding. The platform, which allowed investors to buy partial ownership in vacation rentals for as little as $1, reported a net loss from its properties in the first half of 2023. The company stated its other business units would continue, but the investment platform's failure reflects broader struggles for proptech ventures in the current financial climate.

LiveVox on 2024-01-07.

NanoString Technologies laid off 50 employees representing approximately 9% of its workforce on 2024-01-06.

Cue Health laid off 94 employees representing approximately 13% of its workforce on 2024-01-05.

In early January 2024, San Francisco-based recruiting software startup Lever, a subsidiary of Employ, conducted layoffs, becoming one of the first tech firms to reduce headcount in the new year. The company did not disclose the exact number of employees affected, but the cuts included customer service roles. This move reflects ongoing challenges in the tech hiring sector, following a difficult 2023 where over 76,000 tech workers were laid off in the Bay Area. Lever, which provides applicant tracking systems for clients like Netflix and KPMG and was valued around $550 million prior to its 2022 acquisition, stated the reductions were made to align its objectives and financial plans for 2024 and beyond.

Israeli computer vision startup Trigo is laying off 30 employees, which represents 15% of its approximately 200-person workforce. The company, which develops autonomous checkout technology for retail stores, announced the cuts across all departments in early January 2024. Trigo stated the restructuring is aimed at sustaining its leadership in innovation and expanding the deployment of its AI and computer vision technologies across its global retail client base, which includes major corporations. Founded in 2018, the company had raised $204 million, including a $100 million round in late 2022.

VideoAmp, a measurement and analytics company in the advertising technology industry, laid off 20% of its workforce in early January 2024. This significant staff reduction coincided with the CEO stepping down, indicating a period of restructuring and leadership transition for the firm. The layoffs reflect broader challenges and adjustments within the competitive ad tech sector.

InVision representing approximately 100% of its workforce on 2024-01-04.

Israeli cloud security unicorn Orca Security is laying off approximately 60 employees, which represents about 15% of its total workforce of around 430 people. The layoffs, announced in early January 2024, affect staff in Israel and globally, including offices in London, Portland, and Bangkok. The company, valued at $1.8 billion, stated it is restructuring and may offer some affected employees alternative positions within the firm. This move comes amid a competitive cybersecurity landscape where Orca is currently engaged in a high-profile patent infringement lawsuit against rival Wiz.

In early January 2024, Lazada Group, a major e-commerce platform in Southeast Asia, conducted sudden and unexpected layoffs affecting its Singapore operations. According to employee accounts, the process was abrupt, with meetings called on short notice, leaving staff shocked and distressed. It is estimated that about 100 employees were impacted by this workforce reduction. The layoffs are understood to be part of a broader restructuring effort within the Alibaba-owned company, aimed at streamlining operations and improving efficiency in a competitive market. The event highlights the ongoing pressures in the tech and e-commerce industry, even for established regional players.

Xerox is laying off approximately 3,075 employees, representing 15% of its workforce of about 20,500, as part of a major restructuring announced in early 2024. The technology and document management company is implementing a new organizational structure and operating model to streamline its core print business, improve global efficiency, and increase focus on IT and digital services. The job cuts are being executed in the first quarter of the year, accompanied by a redesign of the executive team to drive this strategic shift.

The Messenger laid off 24 employees on 2024-01-02.

Frontdesk, a short-term rental and proptech startup, laid off its entire 200-person workforce on January 2, 2024, after failing to secure a necessary bridge round of funding. The company, which managed over 1,000 furnished apartments across the U.S., informed employees of the mass termination via a brief virtual meeting and announced plans to file for a state receivership. Founded in 2017 and having raised approximately $26 million, Frontdesk's collapse highlights ongoing challenges in the proptech sector, coming just months after it acquired rival Zencity. The layoff effectively represents a 100% reduction in staff as the company nears a complete shutdown.

Ocado, a leading British online grocery and technology company, has announced a restructuring plan affecting approximately 400 employees, which represents around 2% of its total workforce of roughly 19,000. The layoffs, confirmed in early 2024, are part of a strategic effort to streamline operations and enhance efficiency amid a challenging economic environment and increased competition in the online retail and logistics sector. As a publicly traded firm with a significant scale in automated warehousing and delivery services, Ocado aims to refocus on core technology and retail partnerships while managing costs. This move reflects broader industry trends as companies adapt to shifting market demands and operational pressures.

Strake, a technology startup, is shutting down at the end of the year, resulting in layoffs for its entire team. The company's co-founder announced the closure and publicly vouched for the affected employees, listing at least ten individuals specializing in front-end development, backend engineering, data, design, and infrastructure. While an exact total employee count isn't provided, the post confirms a full team wind-down. The closure appears to be a company shutdown rather than a partial reduction, affecting all staff as Strake ceases operations.

Paytm, the Indian financial services and digital payments company, has laid off over 1,000 employees across various units, impacting at least 10% of its total workforce. This significant restructuring, implemented over recent months, is part of a cost-reduction and business realignment strategy. The move follows the company's withdrawal from small-ticket consumer lending and 'buy now pay later' segments due to regulatory restrictions by the Reserve Bank of India. As a publicly listed new-age tech firm, Paytm is now shifting its focus towards wealth management and insurance broking. These layoffs represent one of the largest job cuts by an Indian tech company in 2023, reflecting broader pressures in the sector as funding for loss-making enterprises has dried up.