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A restaurant in Dublin, Calif. closed by the coronavirus quarantine orders. Photo by AP
Startups

Layoffs Accelerate Across Silicon Valley Startups

Photo: A restaurant in Dublin, Calif. closed by the coronavirus quarantine orders. Photo by AP

As the world braces for a recession triggered by the coronavirus outbreak, venture capital–backed startups across several industries are making significant cuts to their employee numbers.

Four companies have cut roughly 20% of their workforce in an effort to reduce cash burn rates and increase savings—online mattress retailer Eight Sleep, tech-enabled recruiting tool Triplebyte, hospitality startup The Guild, and luxury sleeper-bus service Cabin, according to people familiar with the companies. The number of jobs cut was relatively small—75 people across all four, ranging across both technical and nontechnical job roles—but they’re a harbinger of what is to come. Meanwhile, scooter rental service Lime is reportedly considering job cuts after terminating its operations in most of its markets. 

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