Substack CEO says he’s ‘very sorry’ about laying off 13 people
by Mitchell Clark from The Verge - All Posts on (#60XJX)
Image: Substack 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...