🚨 Flexport lays off 20% of global workforce amid economic downturn
Supply chain software startup Flexport is laying off 20% of its global workforce, or roughly 640 employees, according to a memo from co-CEOs Ryan Petersen and Dave Clark.
The company, which provides freight forwarding and brokerage services in the cloud, is facing challenges as higher interest rates around the world hit demand.
The company said layoff packages will vary by geography, but for U.S. employees will include 12 weeks severance, 6 months extended health care, 2022 bonus payment, equity vesting acceleration including dropping the vesting cliff for those with 6 months or more of tenure, immigration support, and ability to opt-in to an alumni talent directory to help with future job opportunities.
Flexport joins a long list of tech companies cutting jobs after going on a hiring binge during the Covid pandemic. Last week, Amazon said it would cut 18,000 jobs, more than the online retailer initially estimated last year, while Salesforce reduced its head count by more than 7,000, or 10%. Coinbase announced a 20% workforce reduction on Tuesday.