Priya PatelTLDR: Fintech company Brex, valued at $12 billion, has announced it is laying off 20% of its workforce, or around 282 employees. The company claims that it grew too quickly and needs to downsize. Many of those affected by the layoffs were hired from hedge funds, including Balyasny and Cerebellum Capital. The layoffs reportedly came as a surprise to many employees, who were given just one hour to leave the premises. Brex’s last valuation was $12 billion in 2021, but some experts estimate its current value at $800 million, a 93% decrease.
Key points from the article:
- Fintech company Brex is laying off 20% of its workforce.
- Many of those affected by the layoffs were hired from hedge funds.
- The layoffs reportedly came as a surprise to employees, who were given one hour to leave.
- Brex’s last valuation was $12 billion in 2021, but some experts estimate its value at $800 million.
Fintech company Brex, which is valued at $12 billion, has announced that it is laying off 20% of its workforce, or approximately 282 employees. The company, which focuses on spending management, claims that it grew too quickly and needs to downsize. The layoffs came as a surprise to many employees, who were given just one hour to leave. The affected employees include those hired from hedge funds such as Balyasny and Cerebellum Capital. Brex’s last valuation was $12 billion in 2021, but experts now estimate its value to be around $800 million, a decrease of 93%.
