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Thndr Claps » U.S. Claps » Nasdaq 🔔 » Coinbase latest to layoff workforce💼

Coinbase latest to layoff workforce💼

by Shams Abbas
June 15, 2022

The Clap
The world’s only public crypto exchange platform “Coinbase” will lay off 18% of its employees as management prepares for a recession.

The deets
Coinbase’s CEO said the company is “planning for the worst”, as “we appear to be entering a recession after a 10+ year economic boom.” He also added that the company may have grown “too quickly” during the last 2-year bull market & now needs to manage costs more efficiently.

Why this matters
Jobs cuts have been somewhat of a regular recurrence among both startups & publicly-listed companies throughout the past few weeks. According to one source, 5.5k startup & tech jobs have been cut in June 2022 alone, & we’re only halfway through.

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