- Music streaming service Spotify is set to cut 6% of its staff this week, laying off approximately 588 employees out of 9,800 full-time workers.
- The cuts will cost Spotify an estimated $38 million dollars in severance payouts.
- “Tech companies are facing a demand downturn after two years of pandemic-driven growth during which they had hired aggressively, and Amazon, Meta, Google, and Microsoft are among the big-name firms announcing mass layoffs,” reports The Daily Mail.
