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GM lays off over 1,000 salaried software, services employees
Economic Times
·
11m ago
Medial
General Motors (GM) is cutting over 1,000 salaried jobs at its software and service units globally. The layoff decision aligns with the company's strategy to streamline operations and focus on key investments. Around 600 positions will be eliminated at GM's tech campus near Detroit. The move reflects the company's commitment to simplifying operations and making strategic choices in a rapidly changing automotive industry.
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Crypto giant Binance lays off 1,000 employees amid regulatory pressure and federal investigations
IndianStartupNews
·
2y ago
Medial
Cryptocurrency giant Binance has reportedly laid off over 1,000 employees in recent weeks. The development comes amidst the firm's ongoing legal confrontations and regulatory challenges in the United States, according to a Wall Street Journal report.
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Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others
Startup News FYI
·
1y ago
Medial
In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.
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Physics Wallah lays off 120 employees
Economic Times
·
1y ago
Medial
Edtech startup Physics Wallah is considering laying off 70-120 employees, representing less than 0.8% of its workforce, due to performance concerns. The company plans to hire 1,000 additional employees in the next six months. Physics Wallah, which offers coaching for engineering and medical entrance exams, became a unicorn last year after raising $100 million in funding. It aims to generate a revenue target of Rs 2,500 crore in FY24, with Rs 1,900 crore from its core operations.
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Jack Dorsey's fintech firm Block lays off nearly 1,000 employees
Economic Times
·
1y ago
Medial
According to a report, Jack Dorsey's fintech firm, Block, has let go of almost 1,000 employees in a significant downsizing move. The downsizing effort is said to be a result of the company's plans to pivot away from its original cryptocurrency business and focus on building a decentralization platform. Block's decision to lay off employees signals a shift in its strategic direction and reflects the evolving landscape of the fintech industry.
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Healthify lays off 150 employees to make India business profitable
Livemint
·
1y ago
Medial
HealthifyMe, a health and fitness firm, has laid off 150 employees as part of its restructuring effort to make its India business profitable and expand in the US market. The CEO, Tushar Vashist, stated that the goal is to achieve profitability in India in the next few months while ensuring enough resources for global expansion. This is the third round of layoffs for the company in the past two years. HealthifyMe had about 1,000 employees prior to this restructuring. Severance packages, insurance coverage, and job placement assistance have been provided to the affected employees.
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Unacademy lays off 250 employees
Inshorts
·
1y ago
Medial
Edtech unicorn Unacademy has laid off 250 employees across several departments, media reports said. Around 100 laid-off employees were from core functions like marketing, business and product, while the rest were from sales. "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise," an Unacademy spokesperson said.
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Edtech startup Scaler lays off 150 employees
Inshorts
·
1y ago
Medial
Scaler, an upskilling platform for techies, has laid off about 150 employees, reports said on Wednesday. The layoffs at the Bengaluru-based startup come a year after the platform said it expanded its workforce by over 150% to 2,000, compared to 800 employees in February 2022. IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena founded Tiger Global-backed Scaler in 2019.
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Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce
Startup News FYI
·
1y ago
Medial
App development startup Appsmith, backed by Insight Partners, has laid off around 35 employees, approximately 25% of its workforce. The layoffs were attributed to challenging market conditions and a slowdown in business. Appsmith is offering a two-month severance pay as part of the compensation package for the impacted employees. The company aims to adapt to the evolving fundraising landscape and prioritize operational efficiency for long-term success. Since last year, Indian startups have laid off over 28,000 employees amid the funding winter and the focus on profitability.
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TikTok lays off employees to reduce costs
Economic Times
·
1y ago
Medial
TikTok has laid off a certain number of employees in its sales and advertising division in an effort to reduce costs. While reports vary, it is estimated that around 60 to at least 100 employees were asked to leave. This move follows a series of job cuts from other tech companies, including Google and Amazon. Despite the layoffs, TikTok still has around 7,000 employees in the US and over 150 million active users in the country.
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Peter Thiel's Valar Ventures backed revenue-based financing startup Velocity lays off about 14% of staff
Economic Times
·
1y ago
Medial
Velocity, a revenue-based financing startup backed by Peter Thiel's Valar Ventures, has laid off approximately 14% of its workforce, according to the company's CEO. The move is aimed at achieving profitability, and impacted employees will receive two months of severance pay and extended health benefits. Velocity raised $20 million in a Series A funding round in November 2021, and plans to deploy over Rs 1,000 crore in India's ecommerce brands. Despite the layoff, the funding remains largely untouched, and the company is focusing on streamlining its workflows and increasing efficiency.
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