Another Wave of Layoffs in the Tech Industry: PayPal Lays Off More than 2,000 Workers

PayPal, a renowned tech powerhouse headquartered in the Bay Area, has unfortunately had to layoffs 2,000 employees due to current market conditions. This is another example of how the technology industry is rapidly transforming and impacting today’s workforce.

tech industry layoffs

The Company Is Downsizing by 7%.

On Tuesday, Dan Schulman, President and CEO of PayPal in San Jose, revealed that due to the challenging economic atmosphere, 7% of its personnel would be affected by this layoff. The notification was posted on the company’s website. Shulman said:

“Despite the impressive strides we’ve made in streamlining our expenses and concentrating on our fundamental objectives, more efforts are needed to keep up with transforming customers, rivals, and world events.”

Schulman stated that the severance benefits for laid-off workers are “generous” without specifying further details. He was likewise ambiguous regarding which teams would be impacted most, only mentioning that they would come from different internal organizations. The company spokesperson refused to comment but directed SFGATE back to Schulman’s memorandum.

Will Venmo Be Affected By This Layoffs?

Will Venmo Be Affected By This Layoffs?

It is still being determined if Venmo – a mobile payment service owned by PayPalemployees, the money-sending app owned by PayPal, will be included in this period of layoffs. Unfortunately, a representative for Venmo was not able to provide an immediate answer to our inquiry.

The tech industry is undergoing a seismic shift, with Salesforce and Google announcing large-scale layoffs earlier this month. Last year alone, more than 47,000 workers from Bay Area-based businesses suffered the same fate. Despite these dismal figures, however, PayPal stock prices have recently seen an uptick of 2% after dropping a staggering 53% over one year. Founded in 2000 under its current name by Elon Musk and Peter Thiel, financial analysts speculate that it may be poised for growth moving forward.

Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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