The global job market situation in the tech sector continues to bring bad news for thousands of employees. In a recent development, eBay announced mass layoffs at the company, affecting 4% of its workforce. According to an SEC filing by the company before the US Securities and Exchange Commission on Feb 7, 2023, nearly 500 employees will be affected by the decision.
The SEC filing includes a memo written by CEO, Jamie Iannone. The memo addressed to the employees, explained that the company is eliminating jobs in response to the global macroeconomic environment. The CEO provided assurances that the impacted employees will be provided with transition packages, including severance and employee incentive payments. The company plans to carry out the layoffs on 8 and 9 February.
Iannone wrote, “As a result of these considerations and our future-forward plans, I have some hard news to share. Over the next 24 hours, we’ll be letting approximately 500 employees globally know that their jobs will be eliminated. There is no easy way to communicate this — but I do want to share with you why we are making this decision."
He further added, “This shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, e-commerce and technology landscape.”
Notably, the world’s largest online retailer Amazon has also announced the layoff of 18,000 employees globally.
Founded on September 1995, eBay Inc. is an American multinational e-commerce company based in San Jose, California. It is an online marketplace where individuals and businesses can buy and sell goods and services.
It has become one of the largest e-commerce platforms in the world, offering a diverse range of products from fashion and electronics to home goods and collectibles.
Amazon is the registered trademark of the e-commerce brand.
eBay is a registered trademark of the eCommerce company.
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