Amounting to almost 4% of the e-commerce company, the 500 employee layoff gives eBay additional space to invest and create new roles in high-potential areas
eBay, a big name in the US E-commerce sector, announced that it will be laying off around 500 of its employees globally. These 500 employees amount to almost 4% of the company’s total workforce.
This move adds eBay into the long list of tech based companies that fired their employees between 2022 and 2023. The list includes major companies from a variety of tech industries such as Dell, Meta, Google and even Spotify.
Most tech companies taking part in the layoffs followed a similar trajectory of massive user and share price growth in the pandemic followed by a sharp decline towards the end of 2022.
eBay also noticed something similar, share prices touched an all time high of $80.59 in 2021 but plummeted down to half the price in 2022.
Announcing a layoff provided some relief to the plummeting share prices as they rose about 1% after the announcement.
CEO Jamie Iannone in his message to eBay employees said that “This shift gives us additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets.”