Layoff Events

Hyperloop One representing approximately 100% of its workforce on 2023-12-21.

Palmetto Clean Technology on 2023-12-21.

Intel laid off 311 employees in California just before the holidays, with 235 positions cut at its Folsom offices and 76 at its Santa Clara headquarters, effective December 31, 2023. This represents a small fraction of its global workforce of about 110,000. The layoffs are part of Intel's broader cost-cutting strategy, aiming to reduce annual spending by $3 billion in 2023 and $10 billion by 2025, following a challenging fiscal year that began with significant losses. The semiconductor giant has also canceled several projects and product lines to streamline operations and accelerate its strategic goals amid competitive pressures.

ShareChat, operated by parent company Mohalla Tech, has laid off approximately 200 employees, representing 15% of its workforce, in a strategic restructuring announced in December 2023. This move is part of the company's annual planning for 2024, aimed at streamlining costs and achieving profitability within the next 4-6 quarters. The Indian social media unicorn, which includes platforms like ShareChat and Moj, had previously cut 500 jobs in January 2023 due to macroeconomic pressures. Despite raising significant funding, including $255 million in 2022 at a $5 billion valuation, ShareChat faces challenges with growing losses and is seeking additional capital at a reduced valuation. The layoffs reflect ongoing efforts to optimize operations in a competitive digital content industry.

InSightec, an Israeli medical device company, is laying off 100 employees, which constitutes about 20% of its total workforce. The layoffs, announced in December 2023, affect 60 staff at its headquarters in Tirat Carmel, Israel, with the remainder from its global offices. The company, which develops MRI-guided focused ultrasound technology for treating essential tremor and Parkinson's disease, is undergoing restructuring. This follows a failed merger attempt with a SPAC two years prior that would have valued the company at $1.9 billion, leading to a significant drop in its valuation. InSightec, controlled by the Koch family and other investors, operates in the healthcare technology industry and is considered a significant player in the neuromodulation field.

Kaspien representing approximately 100% of its workforce on 2023-12-19.

Udaan laid off 100 employees representing approximately 10% of its workforce on 2023-12-18.

Arm Holdings laid off 70 employees on 2023-12-18.

Delivery Hero on 2023-12-18.

Enphase Energy, a solar technology company, announced on December 18, 2023, a workforce reduction impacting approximately 350 contractors and employees, representing about 10% of its global workforce. This layoff is part of a broader restructuring to streamline operations amid a challenging macroeconomic environment for the solar industry. The company cited high interest rates reducing consumer demand in the U.S., market uncertainty from policy changes like California's NEM 3.0, and a slowdown in European demand leading to high inventory. To become leaner and more efficient, Enphase will also cease contract manufacturing in Timisoara, Romania, and Wisconsin, U.S., resize other sites, and extend hiring and travel freezes into 2024, aiming to reduce quarterly operating expenses.

E-commerce giant eBay is conducting a second round of layoffs in Israel this year, cutting approximately 20 to 25 positions from its 250-person workforce there, which represents nearly 10% of its Israeli staff. This follows a broader global reorganization announced in February, where eBay laid off 500 employees worldwide, including dozens in Israel. The company clarified that these latest reductions are not related to the ongoing conflict in the region but are part of its ongoing structural adjustments. The Israeli operations, established after acquisitions like Shopping.com, continue to be impacted by these global cost-cutting measures.

Glowforge laid off 30 employees on 2023-12-15.

Superpedestrian, an e-scooter startup, is shutting down its U.S. shared scooter operations on December 31, 2023, and exploring a sale of its European business. The company, which had raised $125 million just 18 months prior, cited financial difficulties as the reason, despite efforts from investors to keep it afloat. This move follows a series of layoffs and reflects broader challenges in the e-scooter industry, such as market exits and valuation declines. The shutdown will result in minimal staff remaining as scooters are retrieved nationwide.

Duolingo cut around 10% of its contractor workforce at the end of 2023, citing AI models like GPT-4 to streamline content production and translations, with the layoffs announced on December 15, 2023.

Curalie representing approximately 100% of its workforce on 2023-12-14.

Curbio, a PropTech company specializing in home renovation services, recently conducted layoffs due to a challenging home sales market. While the exact number of employees affected and the percentage of the workforce reduced were not specified in the post, the company acknowledged the staff reduction as a response to tough market conditions. The layoffs highlight the broader pressures within the real estate technology sector, where fluctuating home sales can impact demand for related services. This move reflects Curbio's adjustment to current economic realities, aiming to streamline operations amidst a slower housing market.

Stellar Pizza representing approximately 50% of its workforce on 2023-12-14.

Cruise, the self-driving car subsidiary of General Motors, laid off 900 employees in December 2023, representing 24% of its then 3,800-person workforce. This major restructuring aimed to slash costs and revamp the company following a severe safety incident in October where a pedestrian was struck and dragged by a Cruise robotaxi. The layoffs primarily targeted non-engineering roles in field operations, commercial operations, and corporate staffing, as the company refocused its strategy to rebuild its service cautiously in one city. The announcement was made via a company-wide email from the new president and CTO, with affected workers receiving severance packages including extended pay and benefits.

Solarisbank, a major Berlin-based fintech, has announced another round of layoffs this week as part of its ongoing restructuring. The company is cutting between 20 and 30 employees, alongside three departures in upper management. This reduction follows previous workforce adjustments and reflects broader challenges in the fintech sector, where companies are streamlining operations to improve profitability. The move underscores the continued pressure on tech-driven financial services firms to achieve sustainable business models amid shifting market conditions.

Flyhomes on 2023-12-14.

Bolt representing approximately 29% of its workforce on 2023-12-14.

Flex, a global electronics manufacturing services provider, is laying off 31 employees at its Milpitas, California facility, with the cuts scheduled to take effect on January 6, 2024. This move is part of a broader wave of tech and finance industry layoffs in the Bay Area ahead of the holidays, as companies adjust to ongoing economic uncertainties. While the exact percentage of Flex's total workforce affected is not specified in the state filing, the layoffs are described as permanent. The company operates on a large scale, offering contract manufacturing across various industries.

Analog Devices laid off 111 employees on 2023-12-13.

Sojern, a digital marketing platform serving the travel industry, laid off approximately 20% of its workforce last week. The company stated the cuts were primarily tied to its legacy offerings as it shifts investment focus toward newer technologies. This move is part of a broader trend, marking Sojern as the third travel tech company to conduct layoffs within the past month.

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Invitae, a San Francisco-based genetic testing and health data startup, laid off 235 employees at its headquarters in early December 2023. This reduction represents 15% of the company's total workforce and affected technical, recruiting, HR, and sales departments, including some director-level roles. The layoffs are part of a strategic shift from aggressive growth and acquisitions toward cost-cutting, driven by a broader downturn in the biotech market. This follows a previous round of 1,000 job cuts in July, highlighting ongoing challenges in the tech and biotech sectors.

Etsy, the global e-commerce marketplace known for handmade and vintage goods, announced in December 2023 that it is laying off approximately 225 employees, representing 11% of its workforce. This reduction brings the core marketplace headcount to about 1,770. CEO Josh Silverman cited a "very challenging" macroeconomic and competitive environment as the primary reason, noting that while the marketplace has doubled in size since 2019, gross merchandise sales have remained essentially flat since 2021. The layoffs are part of a restructuring effort to streamline costs and reignite growth, despite the company raising its fourth-quarter EBITDA margin guidance.

FourKites representing approximately 15% of its workforce on 2023-12-13.

TomTom, the Dutch navigation technology company, announced a group layoff affecting 45 employees at its Łódź, Poland office in December 2023. This follows a larger round of over 200 layoffs in Poland the previous year, which was part of a global restructuring strategy. The company, which had employed around 600-700 people in Łódź, is adapting to market challenges and increasing automation, with artificial intelligence taking over more tasks, particularly in map creation. This reflects a broader trend in the IT industry, where companies worldwide are reducing headcount due to economic pressures and technological shifts.

Chipper Cash, an Africa-focused fintech unicorn, laid off 15 employees in December 2023, marking its fourth round of job cuts within a year. This restructuring primarily affected its US team, with no roles in Africa impacted. The company, which facilitates cross-border payments and other financial services across the continent, stated the move was to ensure organizational efficiency and emphasized its business was performing well, expecting profitability soon. Alongside the layoffs, the company also reportedly reduced salaries for remaining staff in the US and UK. Founded in 2018, Chipper Cash had previously achieved a valuation of $2.2 billion and has raised over $300 million from notable investors.

Hasbro is laying off 1,100 employees as part of a cost-cutting and restructuring effort, aiming to save $350 million to $400 million by 2025. The company is refocusing on licensing opportunities and scaling entertainment, despite strong performance from its Wizards of the Coast division, which includes Dungeons & Dragons and Magic the Gathering. This follows a previous layoff of 800 employees in January.

Jungle Scout, an e-commerce software company specializing in Amazon seller tools, conducted a workforce reduction in late 2022, letting go of an unspecified number of employees. The layoffs were driven by market pressures and a strategic decision to refocus the company's efforts on its core mission of providing world-class Amazon competitive intelligence. While the exact scale of the layoff and the company's total employee count at the time were not publicly detailed in the announcement, the move was described as a difficult but necessary step to streamline operations and strengthen the business under existing constraints.

Sunfolding, a venture-backed solar tracker startup founded in 2012, has ceased operations after 11 years, resulting in the layoff of its entire workforce. The company, which once employed 44 people, faced insurmountable challenges primarily due to manufacturing issues and a lack of experience in executing solar projects. Despite developing an innovative pneumatic tracker system aimed at reducing costs and enabling installations on uneven terrain, Sunfolding struggled to compete in a market dominated by larger players like Array Technologies and Nextracker. The shutdown, confirmed in mid-2023, underscores the difficulties hardware startups face in the rapidly growing but competitive utility-scale solar industry, even after raising significant funding, including a $32 million round in 2019.

SmileDirectClub, a telehealth orthodontics company founded in 2014, has ceased all global operations and effectively shut down as of December 8, 2023, following its Chapter 11 bankruptcy filing in late September. The Nashville-based direct-to-consumer dental aligner firm, which once partnered with major retailers like Walmart and CVS, is winding down immediately, leaving an unspecified number of employees laid off and stranding customers mid-treatment. The company, which had positioned itself as an affordable alternative to traditional orthodontics, cited unsustainable financial challenges despite its mission to democratize smile care. This closure impacts the entire workforce and disrupts care for over two million customers served, marking a significant failure in the competitive telehealth and dental industry.

D2iQ representing approximately 100% of its workforce on 2023-12-08.

Zulily laid off 839 employees representing approximately 100% of its workforce on 2023-12-08.

Music streaming service Tidal is laying off more than 10% of its staff, affecting around 40 employees, as part of parent company Block's plan to cap headcount at 12,000 to focus on business growth.

Rivian laid off 20 employees on 2023-12-07.

Simplilearn laid off 200 employees on 2023-12-07.

Atmosphere on 2023-12-07.

Navan, a travel and expense management startup, has laid off approximately 145 employees, representing 5% of its global workforce of over 2,900 people. The cuts affected teams across various departments as part of the company's efforts to streamline operations and achieve profitability ahead of its planned initial public offering next year. This move reflects broader industry trends where tech startups are adjusting their strategies to strengthen financial performance in preparation for public market scrutiny.

Tidal laid off 40 employees representing approximately 10% of its workforce on 2023-12-06.

In early December 2023, Berlin-based software unicorn Contentful laid off approximately 50 employees, representing about 7% of its then roughly 750-person global workforce. The cuts affected staff across all regions as the company, a provider of headless CMS systems to major clients like Siemens and Spotify, sought to refocus on key priorities and adapt to shifting market conditions. A spokesperson described it as a necessary adjustment to balance growth with efficiency in a rapidly changing industry. This move, while smaller than many tech layoffs in 2023, reflects the broader trend of companies recalibrating after the investment boom of 2021.

Navan, an expense management startup formerly known as TripActions, has laid off 5% of its staff, or 145 employees, as part of a restructuring effort to move faster toward profitability ahead of a delayed IPO. The company, based in Palo Alto, California, has seen strong growth in recent years and is refocusing on operational efficiencies while competing with rivals like Ramp and Brex.

In December 2023, Israeli software development startup Incredibuild laid off approximately 40 employees, representing 20% of its then 215-person workforce. The company, which had raised $35 million in a Series B round in 2022, cited the dramatic decline in the software industry and challenging global macroeconomic conditions as reasons for the restructuring. This efficiency move aimed to ensure long-term growth and support the company's 2024 strategy, focusing on technological innovations to accelerate customer software development and expansion into new markets.

Course Hero, an educational technology company, recently conducted layoffs affecting a number of skilled employees across all departments. While the exact number of impacted staff was not disclosed in the announcement, the company encouraged other employers to consider hiring from its alumni talent list. The layoffs occurred last week, with the company citing a restructuring effort as it navigates the evolving edtech landscape. Course Hero, which provides study resources and a platform for educators, has a workforce in the hundreds, indicating these cuts represent a significant, though unspecified, percentage of its total team.

Yahoo News conducted layoffs on December 5, 2023, as part of a strategic realignment within the media industry. The company eliminated a number of editorial positions, including from its "Originals" teams, and shut down its Gen Z and millennial-focused vertical, "In The Know." While the exact number of affected employees was not publicly disclosed, the cuts impacted multiple areas of the U.S. editorial team. Leadership stated the decision was not budget-driven but aimed at refocusing resources to strengthen Yahoo News as a trusted digital content guide. Some affected staff were offered transitions to other teams, such as commerce or the "Trending & Live" vertical, while others departed. This move reflects broader challenges and restructuring in the digital media sector.

ZestMoney, a Goldman Sachs-backed Indian buy now, pay later fintech startup once valued at $450 million, is shutting down and laying off its entire workforce of approximately 150 employees. The closure, announced to staff in early December 2023, follows unsuccessful efforts to find a buyer or secure a new path after acquisition talks with PhonePe collapsed earlier in the year. The company, which had raised over $130 million, will wind down operations by the end of the month. This marks a significant failure in the competitive Indian consumer lending space, where ZestMoney aimed to serve first-time internet users with small-ticket loans.

Nigerian fintech startup Pivo has ceased operations entirely in December 2023, resulting in the layoff of its entire workforce. The company, which was a two-year-old neobank focused on providing financial services for supply chain businesses and SMEs in Africa, had raised a $2 million seed round just one year prior. The shutdown is attributed to the extremely challenging operating environment for Nigerian businesses over the past year, including significant economic headwinds and disruptive monetary policies like the central bank's botched currency redesign. The founders did not provide official details, but the closure marks the end of the venture shortly after its funding milestone.

Twilio announced layoffs affecting 5% of its workforce, or around 300 employees, reducing total employees from about 5,900 to 5,600. This follows activist pressure and previous layoffs in 2022 and earlier this year, with the company citing overspending and restructuring of its Segment and Flex business units.