Crypto Exchange Coinbase: Cryptocurrency exchange Coinbase cut more jobs as the company reported a loss of $545 million in the third-quarter. This is not the first time Coinbase has cut jobs this year. In June, the company laid off about 1100, which is about 18 percent of its workforce. The layoffs are said to have already been announced.
Crypto Exchange Coinbase: Reasons for Layoffs
A company spokesperson confirmed that in the second round of layoffs, Coinbase fired 60 employees from onboarding teams. The layoffs came after the cryptocurrency exchange firm reported third-quarter losses of $545 million, citing “strong macroeconomic and crypto market headwinds”. Media reports suggest that Coinbase will lay off more employees in a fresh round of job cuts.
Twitter and Meta lay off employees
The layoffs at Coinbase came at the same time that Twitter laid off 50 percent of its employees and Meta fired 13 percent of its employees. In all, the two giants laid off around 15,000 employees globally in the past week. While Mark Zuckerberg took full responsibility for the layoffs.
Twitter fired almost 90 percent of Indian employees
When Musk became boss, he first sacked CEO Parag Agarwal and a few other executives, including former legal chief Vijaya Gadde. Well, the way Musk and Zuckerberg fired employees was different, yet unfortunate. The layoffs of both Twitter and Meta affected employees at their offices across the world, including in India. It is reported that Twitter in India laid off around 90 percent (about 180) employees, while Meta did not disclose the number of employees affected due to layoffs in the country.