Substack CEO says he’s ‘very sorry’ for laying off 13 people

Substack is the latest tech company to announce layoffs, with CEO Chris Best Tweet on Wednesday He allowed 13 workers to leave. according to AxiosThat’s about 14 percent of Substack’s workforce. In his letter and follow-up tweets, Best stated “market conditions” as the reason for the layoffs.

He also admits that the move may come as a surprise to some employees. “Not long ago, I told you all that our plan was to grow the team, not lay off workers,” he says, also noting that the company is “still hiring for specific key roles” and has money saved. However, Best says the company needs to change tactics, as it could face a “prolonged period” as the economy goes from bad to worse. He says the layoffs are one of several changes the company has made to ensure it is in a “solid financial position”.

according to New York timesSome laid-off employees were involved in human resources and writer support. The report also says that Substack recently halted efforts to secure funding from investors, but its revenue continues to grow.

In April, Substack faced little controversy over its hiring efforts when its vice president of communications Tweet a job link With reference to a specific type of employee the company said he did not do Wants. She said, “If you’re a Twitter employee and are considering resigning because you’re worried Elon Musk is pushing for a less structured speech… please don’t come to work here.” The company owns historically said It attaches great importance to freedom of expression.

Substack isn’t the only company that has laid off a significant percentage of its workers in the past month or two. Companies like TeslaAnd the NetflixAnd the KlarnaAnd the Better.comAnd the a barrier Cut all jobs, as I did many of big crypto companies.