Zoom will lay off 1,300 employees and CEO is taking a massive pay cut | CNN Business

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Zoom said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts

In a memo to employees, Zoom’s CEO Eric Yuan said the layoffs would impact every part of the organization. Yuan also said he and other executives would take a significant pay cut, after acknowledging he made “mistakes” in how quickly the company grew during the pandemic. “As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions,” he wrote.

Zoom, more than most companies, came to define the early days of the pandemic, as many turned to its platform to video chat with friends and colleagues during lockdowns. By mid-2020, Zoom reported skyrocketing revenue fueled by a spike in business customers from the many companies forced to turn to remote work. Yuan said the company staffed up “rapidly” during the early days of the pandemic to support the boom in demand as many turned to its platform to video chat with friends and colleagues.

 

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Is the reason economic recession?

I THINK , IT IS ABOUT TIME TO STOP ISSUING H1-B VISAS. CORPORATE AMERICA SAYING WE DONT NEED NO MORE HIGH TECH EMPLOYEES. “ THOSE IN INDIA PLANING TO COME MUST LOOK SOMEWHERE ELSE OTHERWISE WILL FIND THEMSELVES WORKING FOR FAST FOOD RESTAURANTS OR NON HIGH TECH INDUSTRIES .

He calls out to the countries of the world, he needs medical help, please announce the funerals of the dead people are on the ground

Guess they didn't get the Biden memo about how strong the economy is.

Recession coming up?

But wait, I thought biden said there were a record number of new jobs... 0_0 lol

Your president who claims that the unemployment rate has decreased! Everyone is getting unemployed🤔

GoWokeGoBroke BidenFlation

But Joey said his economy is the BEST! 🤡

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