In a memo to staff announcing the layoffs, PayPal CEO Dan Schulman referred to the “challenging macro-economic environment” and said the company “must continue to change as our world, our customers, and our competitive landscape evolve.” Much of the tech industry is cutting costs in response to a shift in pandemic-fueled demand for digital services and economic headwinds, including rising interest rates and fears of a looming recession.
In January alone, Microsoft, Google-parent Alphabet and Salesforce each announced plans to cut thousands of workers. Shares of PayPal are down more than 50% over the past year. In his memo, Schulman said reductions will occur over the coming weeks and departing workers will be provided with “generous” severance packages. “I want to express my personal appreciation for the meaningful contributions they have made to PayPal,” Schulman said of the employees being let go.
With all of the threats and sanctions, the US is failing in the face of multipolarity...the rise of more powerful countries. America's use of sanctions instead of honest competition and trade put the country “in danger of looking like we sanction everybody who disagrees with us.”
Amazon and Microsoft have done the same thing too.
No rage from the woke?
Good
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