ShareChat announces layoffs, fires 20% employees in latest job cuts
The Google-backed social media firm ShareChat announced layoffs on Monday. The company confirmed the layoffs and said that "several external macro factors that impact the cost and availability of capital." ShareChat is valued at $5 billion, and has more than 2,200 employees.
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FollowThe tech sector is having a difficult time. Massive layoffs occurred in the industry last year, and it seems that things will stay the same or maybe become worse in 2023. Andy Jassy, the CEO of Amazon, announced the global layoffs of approximately 18000 employees at the beginning of the year. The Amazon layoffs have already begun, and many Indians are being affected. Following Amazon, social media platform ShareChat announced employee cuts of 20%.
The Google-backed social networking platform ShareChat announced layoffs at the firm on Monday. Official confirmation of the layoffs came from the corporation, which also cited "a number of external macro variables that effect the cost and availability of capital." According to rumours, the most recent wave of layoffs at ShareChat and its short video app Moj is anticipated to result in the termination of 500 or so workers.
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A company representative said, "We've had to take some of the hardest and most painful decisions in our history as a company and had to let go of about 20% of our tremendously bright people who have been with us in this start-up journey."
Severance compensation for hundreds of impacted employees has been disclosed by ShareChat. According to the corporation, the severance package will include the employee's whole income for the notice period, 2 weeks of pay for each year of employment, full variable pay until December 2022, and health insurance that will be in effect through June 2023.
Additionally, affected employees will be permitted to keep part of their workplace property, such as work computers, Employee Stock Option Plans (ESOPs), and unused leave balances of up to 45 days, which will be paid out at current wage, until April 30, 2023.
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