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Amidst Layoff Waves, These Startups Have Conducted the Most Employee Terminations

Reza Pahlevi 25/05/2022 15:40 WIB

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Citing data from Layoffs.fyi, mass layoffs have occurred since the beginning of the year. Real estate startup Better.com recorded the largest mass layoff, terminating the contracts of 3,000 employees

Startups with the Most Employee Layoffs (January-May 2022)

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Startups with the Most Employee Layoffs (January-May 2022)

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A wave of mass layoffs hit global startups in the first few months of 2022.

Citing data from Layoffs.fyi, by May 2022, the US-based property startup Better.com had laid off 3,000 employees.

Two other US startups listed on the stock exchange followed suit: Peloton, which fired 2,800 employees, and Carvana, which laid off 2,500 employees.

Then there was the Indian education startup Unacademy, which laid off 1,000 employees, followed by the US transportation startup Reef, which laid off 750 employees.

This wave of layoffs was partly influenced by the trend of falling tech company stocks since the beginning of 2022, which then limited the ability of venture capital to fund startups.

Quoting data from CB Insights, venture capital funding for startups is expected to decline for two consecutive quarters in 2022.

Layoffs.fyi collects data on startup employee layoffs by monitoring media reports from the beginning of the Covid-19 pandemic to the present.

From the beginning of monitoring in March 2020 to May 2022, approximately 700 startups worldwide have laid off 118,645 employees.

Several Indonesian startups also announced staff reductions in May 2022, including LinkAja and Zenius.

Head of Corporate Secretary Group LinkAja, Reka Sadewo, said the layoffs were carried out for business adjustments.

"This organizational adjustment is based on the relevance of human resource functions to the company's current business needs and focus," Reka told Katadata.co.id on Wednesday (25/5/2022).

Zenius echoed this sentiment. The local education startup said it conducted layoffs to adapt to the dynamic macroeconomic conditions affecting the industry.

“We are carrying out business process consolidation and synergy to ensure sustainability,” said Zenius in an official statement received by Katadata.co.id on Tuesday (24/5/2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Amidst Layoff Waves, These Startups Have Conducted the Most Employee Terminations

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Amidst Layoff Waves, These Startups Have Conducted the Most Employee Terminations

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