Substack is the most recent tech firm to announce layoffs, with the corporate’s CEO Chris Greatest tweeting on Wednesday that he’s letting 13 staff go. According to Axios, that’s round 14 % of Substack’s workforce. In his letter and follow-up tweets, Greatest cites “market circumstances” as the rationale behind the layoffs.
He additionally admits that the transfer could also be a shock to some staff. “Not so way back, I informed you all that our plan was to develop the staff and never do layoffs,” he says, additionally noting that the corporate is “nonetheless hiring for particular key roles” and has cash saved. Nevertheless, Greatest says that the corporate wants to vary techniques, because it could possibly be going through “an prolonged interval” the place the financial system goes from dangerous to worse. He says that the layoffs are considered one of a number of adjustments the corporate has made to ensure it’s in “a powerful monetary place.”
The individuals we’re saying goodbye to immediately are all gifted, nice individuals who care deeply about serving to readers and writers. It hurts to allow them to go. We’ll miss them.
— Chris Greatest (@cjgbest) June 29, 2022
In keeping with The New York Times, a number of the staff laid off have been concerned in human sources and author assist. The report additionally says that Substack not too long ago halted efforts to safe funding from buyers, however that its income continues to be rising.
In April, Substack confronted a minor controversy round its hiring efforts when its vice chairman of communications tweeted a hiring link whereas noting a selected kind of worker she stated the corporate didn’t need. “When you’re a Twitter worker who’s contemplating resigning since you’re fearful about Elon Musk pushing for much less regulated speech… please don’t come work right here,” she stated. The corporate has historically said that it locations a variety of significance on free speech.
Substack is much from the one firm shedding a major proportion of its staff previously month or two. Firms like Tesla, Netflix, Klarna, Better.com, and Cameo have all lower jobs, as have several massive crypto firms.