khaskhabar.com : Wednesday, January 03, 2024 11:56 AM
San Francisco. Online rental platform FrontDesk fired 200 employees during a two-minute Google Meet call. It has become the first tech startup to do so in 2024.
The layoffs include full-time, part-time and contractors, and the proptech startup is now on the verge of closure, TechCrunch reported Wednesday.
FrontDesk CEO Jesse DePinto apparently told employees that the company would file for state receivership as an alternative to bankruptcy.
The startup has not yet commented on the report.
Founded in 2017, the startup manages over 1,000 furnished apartments across the US.
FrontDesk had raised about $26 million from investors such as JetBlue Ventures, Veritas Investments and Sand Hill Angels.
The startup aimed to raise new capital but failed in its attempt.
“Frontdesk was clearly still optimistic about its ability to raise more capital, with the startup posting vacancies for several jobs, including the chief of staff role, on LinkedIn just two months ago,” the report said.
Tech companies, including startups, across the world laid off more than 425,000 employees in the last two years, while India laid off more than 36,000 employees in the same period.
Nearly 2.6 lakh workers in the global technology and startup sector are set to be laid off in 2023.
Citing global macroeconomic conditions, Big Tech firms and startups have furloughed employees and layoffs continue.
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Web Title-Startup Frontdesk laid off entire staff during 2-minute Google Meet call