PayPal has announced the layoff of thousands of employees around the world.
PayPal is the latest company in chronological order to have announced the layoff of a large part of its workforce. At home 7% of the staff.
The challenging economic environment is driving the need for layoffs across Silicon Valley. By now mass layoffs are no longer even news, if anything, it is the big tech companies that have resisted up to now without announcing the shedding of their staff.
PayPal is the latest company in chronological order to have announced the layoff of a large part of its workforce. The payment platform will lay off 7% of its staff globally. PayPal CEO Dan Schulman explained the reasons for the decision in a long letter sent to company employees: “It’s always difficult to have to say goodbye to colleagues and friends we respect,” he said.
PayPal closed the third quarter of 2022 announcing a slight growth, while the announcement of the layoffs comes a few days after the date on which the conference dedicated to the last quarter of the year just ended will be held. News that does not bode well and, in fact, Wall Street penalized the company, which lost 2% in a few hours.
PayPal’s layoffs add to those already announced by Microsoft, Amazon, Google and Twitter. The good news is that many of the talent who have suddenly found themselves unemployed could find a new home in the auto industry.