Layoff Events

Project Ronin laid off 150 employees representing approximately 100% of its workforce on 2024-03-01.

Pristyn Care, a surgery-focused hospital chain and unicorn based in Gurugram, has laid off approximately 120 employees, representing about 7% of its 1,700-strong workforce. This move, announced in early March 2024, is part of the company's strategic restructuring to achieve profitability by FY25 and prepare for an initial public offering targeted for 2027. The layoffs primarily affect entry-level and support roles following the discontinuation of three redundant business categories and an exit from six underperforming cities. This marks the second round of workforce reductions in a year, as the healthcare startup aims to streamline operations, reduce costs, and improve financial sustainability amid growing revenues and efforts to cut significant losses.

Tonik, a digital bank based in the Philippines, laid off approximately 100 employees in early 2024, representing around 20% of its workforce at the time. The fintech company, which operates in the competitive digital banking industry, cited a strategic restructuring aimed at achieving long-term sustainability and optimizing operations amid challenging market conditions. This reduction affected teams across various functions as Tonik sought to streamline its organization and focus on core business priorities.

Gro Intelligence laid off 90 employees representing approximately 60% of its workforce on 2024-03-01.

Electric vehicle startup Fisker announced on February 29, 2024, that it is laying off 15% of its workforce, affecting nearly 200 employees out of over 1,300 reported in late 2023. The company is facing severe financial strain, with insufficient cash to survive the next year, prompting a strategic shift from direct sales to a dealership model. Amid this transition, Fisker is seeking additional funding and negotiating a potential partnership with a large automaker to secure its future, including the development of new EV platforms. The layoffs come as the company grapples with inventory challenges, slow dealership adoption, and ongoing quality investigations into its Ocean SUV, reflecting broader difficulties in the competitive electric vehicle industry.

Lithuanian fintech startup Kevin, which had over 300 employees in 2022, has laid off approximately 100 staff—about half its remaining workforce—as part of a "brutal" redundancy process initiated in late January 2024. This follows months of financial strain, including delayed salary payments in January and February, as the company struggled to secure funding. Kevin eventually obtained a $25 million bridge round in February, contingent on reducing burn rate and acquiring new customers, leading to significant downsizing. The company disputes some reports, stating only about 14% of its total workforce was fired. Founded in 2017 and backed by investors like Accel, Kevin operates in the payments industry, facilitating user-to-user transactions across Europe and the Middle East.

Vacasa laid off 320 employees representing approximately 5% of its workforce on 2024-02-28.

Electronic Arts (EA) announced on Wednesday that it will lay off approximately 670 employees, representing 5% of its workforce, which totaled 13,400 as of March 2023. This restructuring is part of a broader plan to streamline operations, reduce office space, and discontinue development on certain games and licensed intellectual properties deemed unlikely to succeed in the evolving industry. CEO Andrew Wilson stated the move aims to focus the company's resources on its core owned IP, sports titles, and massive online communities. The video game industry has seen similar workforce reductions recently, with companies like Sony and Microsoft also implementing cuts. EA expects this restructuring to be largely completed by the end of December.

Banking-as-a-service platform Treasury Prime laid off approximately 40 to 50 employees, representing about half of its nearly 100-person workforce, as confirmed by CEO Chris Dean on February 28, 2024. The fintech company, which operates in the financial technology industry, is undergoing a strategic pivot to focus exclusively on providing software directly to banks, moving away from its previous role as a liaison connecting fintechs with banking partners. This shift comes as banks increasingly prefer to negotiate directly with fintechs, and regulatory pressures emphasize banks' direct oversight of third-party partnerships. The layoffs primarily affected teams involved in marketing and selling to other fintechs, streamlining the company to concentrate on its core technology offerings for financial institutions.

In February 2024, Motional, an autonomous vehicle company formed as a joint venture between Hyundai and Aptiv, laid off approximately 5% of its workforce, affecting fewer than 70 employees. The cuts primarily targeted administrative and non-technical roles, with a notable impact in Boston. This reduction, representing the company's second round of layoffs since late 2022, follows Aptiv's decision to cease future capital allocation to the venture, leaving Hyundai as the primary backer. Motional stated the move was part of a resource reallocation to focus on long-term commercial success, including scaling its driverless taxi services and developing next-generation robotaxis, while continuing to hire for critical technical roles. The company operates in the competitive autonomous vehicle industry and had previously indicated funding runway through the end of the first quarter of 2024.

PropertyGuru laid off 79 employees on 2024-02-27.

Sony announced on Tuesday that it is laying off around 900 employees from its PlayStation division, affecting 8% of the division's global workforce. The layoffs are part of changes to focus on long-term sustainability and growth, impacting studios like Insomniac Games and Naughty Dog, and come after Sony reduced its PlayStation 5 sales forecast. The cuts will affect employees across the Americas, Japan, EMEA, and APAC regions, with some projects being discontinued.

Bumble, the dating app company, announced plans to lay off approximately 350 employees, representing about 30% of its workforce, as part of a restructuring effort detailed in its fourth-quarter earnings report. The move, aimed at driving stronger operating leverage and aligning with future strategic priorities, comes despite reporting increased quarterly revenue. CEO Lidiane Jones described the action as "significant and decisive" to accelerate the product roadmap. This layoff reflects broader trends in the tech industry, where companies are streamlining operations amid investor pressure for efficiency. Bumble had over 950 full-time employees as of the end of 2022.

Sony Interactive Entertainment is laying off approximately 900 employees from its PlayStation division, representing about 8 percent of its global workforce. The layoffs, announced in late February 2024, affect multiple key studios including Insomniac Games, Naughty Dog, Guerrilla Games, and Firesprite, and have led to the closure of PlayStation's London Studio. This restructuring reflects broader challenges in the gaming industry, as the company cites the need to adapt to changing market conditions and ensure future sustainability. The cuts impact employees across the Americas, Japan, EMEA, and APAC regions.

Apple, the technology giant, has canceled its long-secretive autonomous electric car initiative, Project Titan, and is laying off some of the workforce involved. The decision, announced internally on February 27, 2024, affects the project's team of approximately 1,400 employees, with likely hundreds being let go. The remaining staff will be reassigned to generative AI projects or given 90 days to find new roles within the company. This move reflects a strategic shift as Apple reevaluates its investments amid broader industry challenges in electric and autonomous vehicles, ending a decade-long effort that once involved around 5,000 workers.

WayCool, an agritech startup based in Chennai, has laid off at least 70 employees over the past month in its second restructuring exercise within a year. This follows a previous round of about 300 layoffs in July last year. The job cuts, impacting departments like sales, research, marketing, and tech, are part of a strategy to rationalize warehouse operations and shift focus toward its own brands. The company, which has faced challenges in raising new funding over the last two years, aims to achieve EBITDA profitability by reducing its operational footprint.

Expedia laid off 1,500 employees representing approximately 8% of its workforce on 2024-02-26.

Daraz on 2024-02-26.

Rivian is laying off 10% of its salaried workforce to cut costs amid a tough market for electric vehicles, increasing pressure on its future affordable EV, the R2.

Carbon Health, a primary and urgent care provider, has laid off approximately 8% of its workforce, affecting around 200 employees. This reduction is part of a broader restructuring effort aimed at streamlining operations and achieving profitability amid challenging economic conditions in the healthcare sector. The layoffs occurred in early 2023, impacting various roles across the company as it adjusts its strategy to focus on sustainable growth.

Redesign Health, a company that builds and funds health care startups, has laid off an unspecified number of employees due to a slowdown in venture capital funding. CEO Brett Shaheen announced the staff reductions in an email to employees in late February 2024, citing the challenging national investment climate as the primary reason. The cuts are part of a broader strategic shift to slow the pace of new startup creation. Operating in the health care and venture capital industry, Redesign Health acts as a startup studio, and this restructuring reflects the wider pressures facing tech and venture-backed firms in a tighter financial market.

Vice Media on 2024-02-22.

Affirm laid off 60 employees on 2024-02-21.

BuzzFeed is laying off 16% of its remaining workforce, affecting employees across the company as part of a restructuring effort to improve profitability. This follows the sale of its youth-culture media brand Complex to ecommerce platform Ntwrk for $108.6 million. With a remaining staff of just under 1,000, the cuts are expected to save about $23 million annually. The move, announced in late February 2024, comes after the company shut down its BuzzFeed News division in 2023. As a digital media company, BuzzFeed will now focus on its core brands like BuzzFeed, HuffPost, Tasty, and the retained First We Feast.

Financial comparison platform Finder has laid off around 60 employees globally, representing approximately 17% of its workforce, as part of its third major round of redundancies within the past year. This latest cut, announced in February 2024, follows a series of layoffs in 2023 that reduced overall staffing by nearly a quarter. The company, which operates in 20 countries and serves over 4 million monthly visitors, cited the need to streamline operations and adjust expenses to current market conditions. While primarily a fintech comparison site, the editorial team was among those affected. Finder aims to focus on future growth in its core markets despite these ongoing restructuring efforts.

Rivian, an American electric vehicle manufacturer, announced layoffs affecting 10% of its salaried workforce on February 21, 2024, as part of a broader cost-cutting effort amid mounting pricing pressure in the EV market. This marks the company's third major workforce reduction since 2022. While Rivian more than doubled its vehicle production in 2023, it reported a significant annual loss exceeding $5.4 billion. To streamline operations and focus on future growth, including the launch of its more affordable R2 model, the company is implementing a cost transformation program that includes these layoffs, manufacturing upgrades, and design changes.

Auctane, a global shipping and delivery management technology company operating brands like Stamps.com and ShipStation, conducted layoffs on a Friday in February 2024. While the company did not confirm exact figures, reports indicate the layoffs impacted between 9% and 22% of its workforce. The decision was attributed to a strategic realignment in a challenging macroeconomic environment, with the company rescoping roles to strengthen its foundation, hiring in crucial areas while reducing investment in others. This follows significant changes under private equity ownership, including a rebranding and a recent overhaul of its executive team. The industry is ecommerce technology, and the company is described as a large, global leader in its field.

Aptiv, a global automotive technology supplier, laid off approximately 400 employees in Poland in early 2024. This reduction affected around 5% of its workforce in the country, which totaled about 8,000 employees. The decision was part of a broader restructuring effort to optimize operations and improve efficiency amid challenging market conditions in the automotive industry. The layoffs primarily impacted the company's Kraków and Tychy sites, reflecting strategic adjustments to align with evolving industry demands and technological shifts.

In February 2024, alternative protein maker Meati Foods, which produces meat substitutes from mushroom root (mycelium), announced a workforce reduction of 13% as part of a restructuring effort to build a financially sustainable business and achieve profitability. While the exact number of employees laid off was not disclosed, the company had reported having up to 150 employees in 2022. This move coincided with a leadership transition, appointing CFO Phil Graves as the new CEO while co-founder Tyler Huggins shifted to chief innovation officer. Despite the layoffs, Meati was actively scaling production and expanding its retail presence, with products in over 3,600 stores and plans to reach 10,000 locations by the end of 2024. The company, part of the burgeoning food tech industry focused on fungi-based products, had previously raised significant venture capital, including a $150 million round to expand operations.

In early 2024, eBay, the e-commerce giant, laid off approximately 30% of the staff at KnownOrigin, an NFT marketplace it acquired in 2022. The layoffs, which affected key personnel including the business and strategy officer and a co-founder, were part of a broader halt to digital art initiatives. This restructuring reflects the cooling NFT market and internal criticisms over leadership and strategy, signaling a significant pullback from eBay's foray into the digital collectibles space within the broader blockchain and crypto industry.

Swedish electric scooter startup Voi Technology laid off 120 employees, representing about 12% of its workforce, in February 2024. The cuts primarily affected full-time employees, consultants, and part-time staff in office roles, while field operations like mechanics were largely spared. CEO Fredrik Hjelm described the decision as difficult but necessary, citing the company's ongoing pursuit of profitability amid a challenging economic climate for the micromobility sector. This move follows Voi's efforts since mid-2022 to reduce central overhead costs by nearly 50, even as it reported growth in gross profit and margin the previous year. The layoffs reflect broader industry pressures, seen in similar restructuring and mergers among competitors like Tier and Dott.

Luxury fashion e-tailer Farfetch is laying off approximately 2,000 employees, representing 25% to 30% of its workforce, as part of a major restructuring under its new owner, the Korean retail giant Coupang. The decision, announced internally on February 16, 2024, aims to streamline the business and secure its financial future following the acquisition finalized in late January. The job cuts affect various teams, including product design and the Farfetch Platform Solutions division. This restructuring coincides with significant leadership changes, including the departure of founder José Neves as CEO and several other top executives.

May Mobility representing approximately 13% of its workforce on 2024-02-15.

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In late January, Gro Intelligence, a New York- and Nairobi-based AI-powered agricultural and climate data insights startup, laid off approximately 20 employees, representing 10% of its workforce. The cuts, described as board-mandated "workforce adjustments" to reduce costs, were implemented abruptly, with affected staff notified on a brief company call. While the company, which raised an $85 million Series B in 2021, boasts a strong product and clientele ranging from agribusiness to governments, industry sources suggest challenges in sales execution and focus may be hindering growth. The layoffs occur amid a broader venture capital downturn, with Gro reportedly seeking additional funding through a convertible note as it aims for stability and its next stage of development.

CodeSee, a developer tools startup, is shutting down commercial operations on February 22nd, resulting in layoffs for its entire team. The company, which had grown its user base significantly in 2023, faced inconsistent sales growth and could not achieve the revenue needed to sustain operations. Despite receiving a term sheet for further funding, leadership determined it was insufficient to cover the extensive development required to expand support for complex codebases, multiple IDEs, and various programming languages, especially amid the evolving landscape of generative AI. The company is currently seeking acquisition to preserve its technology and team, but if unsuccessful, the team will disband.

Sonder laid off 106 employees representing approximately 17% of its workforce on 2024-02-15.

Toast laid off 550 employees representing approximately 10% of its workforce on 2024-02-15.

Fintech startup Wint Wealth laid off 19 employees, representing about 20% of its roughly 100-person workforce, in a restructuring exercise earlier this month. The company confirmed the move was part of a regular business performance evaluation, leading to the restructuring of low-priority functions across departments like marketing, sales, and tech. This development follows Wint Wealth's recent acquisition of a majority stake in NBFC Ambium Finserve, which provides it with an NBFC license and expands its lending operations under the brand Wint Capital. Founded in 2020, the investment platform allows users to invest in fixed deposits, corporate bonds, and more, and last raised $16 million in 2022.

Away representing approximately 25% of its workforce on 2024-02-14.

Cisco, a major networking and technology company, announced plans on Wednesday, February 14, 2024, to lay off approximately 4,250 employees, representing 5% of its global workforce. This decision comes as part of a broader industry trend of cost-cutting in the tech sector. While the company reported strong fiscal second-quarter results, it provided a light revenue and earnings forecast for the upcoming quarters. CEO Chuck Robbins cited a cautious macroeconomic environment and increased customer scrutiny on deals as key challenges. The layoffs are aimed at restructuring and reallocating resources, particularly as Cisco prepares to integrate its pending $28 billion acquisition of Splunk.

Instacart, the grocery delivery service, announced on Tuesday that it is laying off approximately 250 employees, which represents about 7% of its workforce. This restructuring aims to create a flatter organizational structure by reducing middle management and refocusing teams on larger projects, such as advertising initiatives. The announcement coincided with the company's fourth-quarter earnings report, which met analyst revenue estimates. Additionally, three top executives are departing for personal reasons, with only the Chief Technology Officer role being backfilled. As a major player in the gig economy and tech industry, Instacart, which went public in September, continues to navigate challenges in profitability while investing in AI-driven growth.

Impinj laid off 50 employees representing approximately 10% of its workforce on 2024-02-13.

Berlin-based mobile game developer Popcore, a subsidiary of Zynga's Rollic, underwent a wave of layoffs on February 12, 2024, impacting a number of key staff members including leads and senior developers. The exact number of employees affected and the percentage remain undisclosed, but the cuts are part of a broader industry trend of tech and gaming layoffs. The studio, known for free-to-play hits like Parking Jam 3D with over half a billion installs, saw several long-term employees, some with over three years at the company, announce their departures on LinkedIn following the restructuring.

Autotech startup Wisense, a radar developer for the automotive industry, is shutting down after laying off nearly all its employees. The company, which had raised a total of $37 million from notable investors, once employed around 70 people. In November, it dismissed approximately 90% of its workforce, retaining only a small team to manage asset sales. Recently, those remaining staff were also notified of the company's complete closure, marking the end of its operations. The shutdown reflects broader challenges in the sector, with the company's website now inactive and no response to inquiries.

Mozilla laid off 60 employees representing approximately 5% of its workforce on 2024-02-13.

Israeli fintech company Riskified, which provides ecommerce fraud prevention, is laying off 40 employees, representing 6% of its total workforce of 750. The decision, announced on February 13, 2024, stems from a challenging macroeconomic environment that has led to lower-than-expected growth rates since its 2021 IPO. CEO Eido Gal explained the move as a necessary step to adjust expenses to revenue and accelerate progress toward long-term profitability targets. The layoffs will affect departments unevenly, with human resources and recruitment facing more significant cuts, and involve streamlining management layers and combining some teams. Despite a strong start with a $3.3 billion valuation at its public offering, the company's market cap has since declined to around $860 million amid broader tech sector downturns.

Redesign Health laid off 77 employees on 2024-02-13.

Everybuddy Games, an Israeli casual mobile game developer, has entered bankruptcy with over $4 million in debt, leading to significant layoffs. The company, which once employed over 70 people, now has only seven employees remaining, indicating a reduction of approximately 90% of its workforce. This drastic downsizing follows the Tel Aviv District Court appointing a trustee in February 2024 to oversee potential asset sales. Despite raising $15 million in a Series A round in late 2022, the startup, known for its game Lucky Buddies, accumulated unsustainable debt, forcing it to seek court protection and cease most operations.

SiriusXM is laying off approximately 160 employees, which represents just under 3% of its total workforce. The cuts, announced by CEO Jennifer Witz in a memo to staff on February 12, 2024, are part of an effort to increase efficiency, agility, and flexibility amid a competitive audio streaming and satellite radio landscape. This follows a larger round of 475 layoffs in March 2023. The company, which reported flat revenue in Q4 2023 and saw a net loss of self-pay subscribers for the full year, is restructuring to redeploy resources toward strategic priorities and future subscriber growth, following recent initiatives like a new app and pricing plans.