It has been almost two months since we started this column. There have been workforce reductions in every sector. It felt like a trend that only affected growth-stage companies that had gotten over their skis, but now a lot of companies are letting employees know they are making cuts.
This week, there are known and confirmed layoffs.
Ro, a healthcare unicorn that raised $150 million just months ago at a $7 billion valuation, has cut 18% of its staff to manage expenses, increase the efficiency of our organization and better map our resources to our current strategy.
There won't be a transition period for those leaving the company due to the obligation to protect patient healthcare information. We hope you can find another way to say goodbye to your teammates. Two months of pay and support will be given to employees who have been impacted. Two months of paid healthcare benefits are offered by the healthcare unicorns.
Ro gave a copy of the email that the CEO sent to staff. Ro is still looking for people, according to a spokeswoman.
After a number of executives left the company, Ro decided to lay off people. It has been rumored for over six months that Vechery left after her company was acquired by Ro. The health tech company's inability to gain meaningful revenue from newer products led to rising tensions at Ro.
MasterClass, an education platform that sells subscriptions to celebrity-taught classes, has cut 20% of its team due to the worsening macro environment. There were no C-suite executives affected by the layoffs, according to a MasterClass spokesman.
The mission of making it possible for anyone to learn from the best hasn't and won't change. The tough step will allow us to serve our members, employees and instructors for a long time.
The company will be giving all employees 11 weeks of base pay and one additional week for every year they work at MasterClass, according to a MasterClass spokesman. The company is giving employees the chance to extend their options. Through the end of the year, the startup will cover employee healthcare. Mental health counseling is available until the end of the year and job counseling is available for three months. Personal use of laptops can be done from home.
Voi Technology has cut 35 jobs, or 10% of its staff, in order to focus on increasing profitability and reducing headquarter-related costs. 35 employees will be impacted by Superpedestrian's decision to reduce the size of its team.
The micromobility industry is starting to get hit by layoffs. Bird laid off 23% of its staff.
The company has laid off around 3% of its workforce due to the downturn. The entertainment company let go of 150 staffers in May, a number of staffers for its editorial arm in April, and now is cutting a large chunk of U.S. employees.
The company lost more than 200,000 subscribers in the first quarter. The firm predicted that it would lose 2 million subscribers in the second quarter. The company said that the Russian invasion of Ukraine was one of the main reasons for the slowdown.
The price of the stock was around $512 a year ago.
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