substack is the latest tech company to announce layoffs. Ceo Chris best tweets that he’s letting 13 workers go. That’s around 14 percent of substack’s workforce.
The company is’still hiring for specific key roles’ and has money saved. However, he says that the company needs to change tactics.
The people we’re saying goodbye to today are all talented, great people. They care deeply about helping readers and writers. It hurts to let them go.
Some of the employees laid off were involved in human resources and writer support. substack recently halted efforts to secure funding from investors, but its revenue is still growing.