Layoffs Roundup: Thurs 6/11/20

Startup layoffs continue to decline! ๐Ÿ“‰ This week is on track to extend the 8-week downward trend we highlighted on Monday. For another look, check outย TechCrunch’s analysisย of the Layoffs.fyi data.

Below is a recap of the layoffs from this past week. If you’ve seen a layoff spreadsheet for any of these companies, please let us know.

As always, the Layoffs.fyi Tracker maintains a comprehensive list of all startup layoffs since COVID-19.

๐Ÿข Lastline โˆ™ ๐ŸŒŽ SF Bay Area โˆ™ ๐Ÿ‘ฉ 50 employees (40%) โˆ™ ๐Ÿ”—Source

  • A network security startup, Lastline announced that it is being acquired by VMware. As part of the acquisition, VMware will be laying off 40% of Lastline’s team (around 50 employees).

๐Ÿข The Athletic โˆ™ ๐ŸŒŽ SF Bay Area โˆ™ ๐Ÿ‘ฉ 46 employees (8%) โˆ™ ๐Ÿ”—Source

  • A sports news website, The Athletic saw new subscriber growth drop by 20-30% due to the hiatus of live sports. The NBA will be the first major sports league to resume (on July 31), since MLB continues to squabble and can’t get its act together ๐Ÿ˜ก๐Ÿคฌ.. Laid-off employees will receive 4 weeks of severance pay, health insurance coverage through the end of the year, full acceleration of unvested stock options, and an extension of the exercise period to one year.

๐Ÿข Builder โˆ™ ๐ŸŒŽ Los Angeles โˆ™ ๐Ÿ‘ฉ 39 employees (14%) โˆ™ ๐Ÿ”—Source

  • A startup that makes it easy to build software without code, Builder.ai’s layoff was concentrated in its Los Angeles office. In addition, some U.K. staffers were placed on furlough, and remaining employees will be required to take a temporary pay cut. The company has experienced a drop in orders during the pandemic.

๐Ÿข Credit Sesameโˆ™ ๐ŸŒŽ SF Bay Area โˆ™ ๐Ÿ‘ฉ 22 employees (14%) โˆ™ ๐Ÿ”—Source

  • A provider of free credit monitoring, Credit Sesame earns revenue by making commissions from its credit card and loan partners. The company implied that its revenue has been affected by tightening credit markets, which has made it hard for consumers to borrow money or obtain credit. Larger rival Credit Karma announced last month that it was instituting pay cuts of between 15-50% and freezing promotions.

๐Ÿข Ethos Life โˆ™ ๐ŸŒŽ SF Bay Area โˆ™ ๐Ÿ‘ฉ 18 employees (14%) โˆ™ ๐Ÿ”—Source

  • A provider of life insurance, Ethos Life said the layoff was caused by “uncertainty with future consumer demand and capital markets.” Ethos had grown its team size from 30 employees in the beginning of 2019 to almost 130 people prior to the layoff.