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SoftBank-backed companies are laying off thousands of employees globally as they struggle to find paths to profitability.
In the first full week of 2020, four companies – Oyo, Rappi, Getaround, and Zume – laid off a combined 2,600 employees.
In the last year, other SoftBank-backed companies including WeWork, Uber, Wag, and Fair have also cut their ranks dramatically.
SoftBank also saw significant executive turnover in the beginning of the year.
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Flush with billions of SoftBank dollars, startups ranging from a robot pizza maker to a low-cost hotel operator have swelled their ranks in recent years.
Now, as the Japanese investor faces a reckoning about how the companies will become profitable, layoffs are hitting the companies across the world, and even affecting the investor itself.
In the first full week of 2020, four of SoftBank’s companies cut a combined 2,600 employees, according to media reports from Business Insider and other outlets. More layoffs would come in the following months, bringing the 2020 cuts – not including furloughs – …read more
Source:: Businessinsider – Finance