When does a macro economic downturn turn into a recession?
It's another bad week for startups as tech stocks and prices plummet. The good news is that your kids can get vaccine against COVID-19.
There has been enough bad news this week that it's necessary to round it all up.
As mortgage interest rates rise, fewer people want to buy homes, and that's bad news for startup companies in the real estate industry. The price of Bitcoin is close to the $20,000 mark, which is a serious plunge from the $60,000 prices we saw just seven months ago.
This week's layoffs affected more than just the two fields of consumer tech and food delivery.
On Tuesday, Mary Ann Azevedo reported on the layoffs of 900 employees at publicly traded real estate platforms.
Glenn Kelman said they wouldn't lay off people unless they needed to. "We have to"
There was an additional week of pay for every year of service, capped at 15 weeks. Three months of company healthcare will be paid for by them, so they can keep their coverage.
The company will be cutting 450 jobs, 10% of its workforce, as well as pausing hiring and acquisitions for the rest of the year.
The Real Deal states that San Francisco-based rental platform Zumper cut 15% of its 300 employees. Side cut 10% of its staff.
Some companies are still moving forward. Home Light raised $60 million and acquired Accept. Inc.
Redfin and Compass lay off a combined 900+ employees as mortgage interest rates continue to climb
It is taking a long time for the company to recover. It was announced this week that the exchange will reduce its workforce by 18%.
When you are not a jerk to your employees, layoffs are less painful. I regret to tell you that my work is not read by the higher-ups at the company.
The CEO told employees in a letter that they would be cut off from their corporate accounts if they were laid off.
It is possible that angered former employees will leak such information. You know how to make them angry. Cut them off from their work accounts and tell them they can't work anymore.
There were 1,250 employees at the beginning of the year. The team has more than tripled since then.
There were a lot of new use cases that were enabled bycryptocurrencies. It is clear to me that we over-hired in this case.
New hires made the team less productive recently.
Two weeks for every year of employment beyond one year is provided by the company. Four months of mental health support for international employees will be offered by the platform.
There are more layoffs in thecryptocurrencies. Exchanges that rely on transaction fees are losing money. Less than two years ago, Blockfi only had 150 employees, but now it has 850. The company laid off 5% of its workforce and committed $700 million over 20 years for the naming rights to the center. Huobi Thailand is closing in July due to licensing issues.
Daniel Ek told employees that the company will slow hiring due to market uncertainty. About 15 jobs have been affected by the shutting down of the live audio creator fund and the cutting of the studio 4 group.
Is it a design tool for consumers? It has saved my ass many times. Last week, Elementor acquired Strattic, a company that converts websites into Jamstack. Yoni Luksenberg, co-founder and CEO of Elementor, said that the company would lay off 15% of its workforce.
Don't worry, TikTok is okay. Mokun Technology was purchased three years ago by the parent company of TikTok. The studio was shut down this week and 150 workers were offered internal transfers. This is a blow to ByteDance's attempt to dominate mobile gaming.
Mary Ann Azevedo is reporting.
Canadian fintech giant Wealthsimple, which was valued at $4 billion as of last year, is laying off 159 people — or about 13% of its staff. The Toronto-based company has been a leader in the realm of democratizing financial products for consumers, including stock trading, crypto asset sales and peer-to-peer money transfers. And now it appears that Wealthsimple is an example of another company that experienced a boom during the early days of the pandemic and is now seeing a slowdown in business.
A 25% workforce reduction at Notarize was reported by Mary Ann. Online notarization isn't in as high of demand as it was at the start of the epidemic.
Christine Hall shared a story about a company leaving the US to focus on Latin American markets.
Christine wrote.
Food delivery companies are facing tough times as funding dried up and the rush to invest into this sector, partly as a result of the global pandemic, caused it to become quite inflated and due for a course-correct. This became evident when some of JOKR’s competitors began announcing layoffs. For example, in May, Gopuff, Gorillas and Getir announced staff reductions.
What was happening in the on-demand delivery space earlier this month, and what it means for the industry going forward, was the subject of a recent article on the website.
The delivery market is coming down from its pandemic highs
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