In a regulatory filing on Tuesday, the company said it would lay off about 1,100 employees or 18% of its workforce.
The workforce will be reduced to 5000 by the end of the second quarter of 2022, according to the platform. The company started sending mass emails to employment candidates earlier this month.
The news came nearly a month after the market started to fall. As of Tuesday morning, it had fallen from a high of $50,000 to a low of $22,002. Since a peak in November, traders have lost $2 trillion due to the crash of thecryptocurrencies.
The news of more layoffs led to a drop in the stock price. The company is one of several tech ventures to initiate a series of sweeping job cuts in the US as CEOs and economists warn of an imminent recession.
The decision was made because of concerns about an impending recession that could lead to another winter of cryptocurrencies. The email from HR will be sent Tuesday morning. If you are laid off, you will get 14 weeks of severance.
He thinks a workforce reduction will increase the efficiency of the company. The company has hired over 3000 new employees in the last year.
The actions we are taking today will allow us to more confidently manage through this period even if it is long.
On the same day as the layoffs were announced, the stock was cut in half by JP Morgan.
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