Category: Layoff news

Magic Leap

Magic Leap avoids further layoffs with new $350 mm investment

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Magic Leap, an augmented reality startup that laid off 1,000 employees (50%) last month, secured $350 million in a new investment round. As a result, the company will be able to prevent additional layoffs in the near future. (See? This site doesn’t only have bad news! 😸)

In late April, Magic Leap warned employees that a further staff reduction might be necessary if it wasn’t able to raise additional funding. Now, with $350 million more in the bank from existing and new investors, the company will be able to avoid the potential cut.

See below link 👇for an opt-in list of Magic Leap employees laid off last month, including over 100 engineers.

View list of employees laid off ->

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.

Uber

Uber lays off 3,000 more employees, on top of the 3,700 laid off earlier this month

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🌎 SF Bay Area ∙ 👩 3,000 employees (13%) ∙ 🖥 All departments

As Layoffs.fyi forecasted last week, Uber laid off 3,000 more employees this morning. This comes on top of the 3,700 employees Uber cut two weeks ago, and brings the total to 6,700 laid off (25% of staff).

In conjunction with the layoff, Uber is also closing down 45 offices, winding down its product incubator and AI labs, pursuing strategic alternatives for Uber Works, and re-evaluating its self-driving units.

Nationwide shelter-in-place orders have hammered Uber’s ridesharing business. Its core business has fallen around 80% during the pandemic. Meanwhile, growth from Uber’s food delivery business has not been enough to offset the decline.

Uber previously told staff that laid-off employees would receive 10 weeks of severance pay and healthcare coverage through the end of 2020.

In addition to the 6,700 employees let go by Uber this month, the company has also cut 536 employees from Middle East subsidiary Careem, as well as all 400-500 employees from e-scooter subsidiary Jump.

See link below 👇for an existing unofficial list of 400+ employees laid off from Uber, mostly from the May 5 layoff. Expect this list to grow a lot bigger in the coming days.

UPDATE: An official Uber layoff list has been created. Added link below.

View official list of employees laid off ->

View unofficial list of employees laid off ->

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.