Substack is the latest tech company to announce layoffs, with the company’s CEO Chris Best tweeting on Wednesday that he’s letting 13 workers go. According to Axios, that’s around 14 percent of Substack’s workforce. In his letter and follow-up tweets, Best cites “market conditions” as the reason behind the layoffs.
He also admits that the move may be a surprise to some employees. “Not so long ago, I told you all that our plan was to grow the team and not do layoffs,” he says, also noting that the company is “still hiring for specific key roles” and has money saved. However, Best says that the company needs to change tactics, as it could be facing “an extended period” where the economy goes from bad to worse. He says that the layoffs are...
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.