Electric scooter startup Bird has laid off 30% of the company in a scramble to preserve a ‘cash runway’ to last until the end of 2021

Scooter startup Bird cut almost a third of its workforce in an online call on Friday morning, as the cash-guzzling startup prepares for the ‘black swan’ event to dry up funding. “Due to the financial and operational impact of the ongoing COVID-19 crisis, we are saying goodbye to about 30% of our team,” a memo from…

Electric scooter startup Bird has laid off 30% of the company in a scramble to preserve a ‘cash runway’ to last until the end of 2021

Scooter startup Bird cut almost a third of its workforce in an online call on Friday morning, as the cash-guzzling startup prepares for the ‘black swan’ event to dry up funding. “Due to the financial and operational impact of the ongoing COVID-19 crisis, we are saying goodbye to about 30% of our team,” a memo from Bird CEO Travis VanderZanden, circulated around the company, said. Bird said it is providing four weeks of pay, three months of health coverage and an extended time frame of 12 months for laid-off workers to exercise their stock options. Visit Business Insider’s homepage for more stories.

Electric scooter startup Bird, which raised $275 million in funding six months ago, is laying off about one-third of its staff as it races to slash costs amid the coronavirus outbreak that has stunted its business.The three-year old company, based in Santa Monica, Calif., did not say how many employees were affected by the layoffs but told Business Insider they amounted to 30% of the company’s staff. Bird said the affected employees, who have been working at home because of the pandemic, were notified of the layoffs on a web call on Friday morning.As companies reckon with layoffs at a time when staff are working at home, some have broken the news to affected employees by using Zoom video conference calls. But Bird said that it made sure the video feature on the web call was switched off
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