INSUBCONTINENT EXCLUSIVE:
Layoffs in the technology and venture-backed worlds continued today, as 23andMe confirmed to CNBC that it laid off around 100 people, or
about 14% of its formerly 700-person staff
The cuts would be notable by themselves, but given how many other reductions have recently been announced, they indicate that a rolling
round of belt-tightening amongst well-funded private companies continues
( A Technology News Room confirmed the numbers with the company.)Mozilla, for example, cut 70 staffers earlier this year
reach market than expected
And with less revenue coming in than expected, its human footprint had to be reduced.23andMe and Mozilla are not alone, however
Playful Studios cut staff just this week, 2019 itself saw more than 300% more tech layoffs than in the preceding year and A Technology News
Room has covered a litany of layoffs at Vision Fund-backed companies over the past few months, including:Scooter unicorns Lime and Bird have
also reduced staff this year
The for-profit drive is firing on all cylinders in the wake of the failed WeWork IPO attempt
WeWork was an outlier in terms of how bad its financial results were, but the fear it introduced to the market appears pretty damn
(Forsake hope, alle ye whoe require a Series H.)The money at risk, let alone the human cost, is high
Zume has raised more than $400 million
23andMe has raised an even sharper $786.1 million
Rappi? How about $1.4 billion
And every company that always makes money lives forever
bad that the rank-and-file are taking the brunt of the correction.
