Doordash became the latest tech company to lay off staff, with CEO Tony Xu announcing that over 1200 workers would be laid off as part of broad cost cuts.
in imposing job cuts. Tech industry hiring ballooned during the pandemic and has seen a harsh comedown in recent months as interest rates mute consumer demand and investor confidence.
DoorDash announced a slowdown in hiring earlier this year. It had 8,600 corporate employees as of Dec. 31, 2021.in a wildly successful IPO that saw shares soar 80% over initial pricing. In November 2021, it hit a peak valuation of $81.1 billion, despite never turning a profit. DoorDash will offer 17 weeks of severance to affected employees. Healthcare will continue through March 2023. For overseas or visa-sponsored employees, the termination date will be Mar. 1, a decision that Xu told employees would give them "as much time possible to find a new job." DoorDash will set a termination date of March 2023 for H1-B visa holders, allowing overseas workers as much time as possible to find a new opportunity.
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