Coinbase plans to lay off a further ~950 employees, or ~20% of its workforce, seeking to reduce its operating expenses by 25% QoQ; Coinbase laid off 18% in June
- Coinbase is cutting a fifth of its workforce following an 18% staff reduction in June. — CEO Brian Armstrong pointed …
CNBC Kate Rooney
Related Coverage
- A message from CEO and Co-Founder, Brian Armstrong, to Coinbase employees Coinbase · Brian Armstrong
- Coinbase to cut 20% of staff in latest round of layoffs The Block · Adam Morgan McCarthy
- Coinbase to cut 20% jobs, abandon ‘several’ projects to weather downturns in crypto market TechCrunch · Manish Singh
- Coinbase Announces Further Layoffs, Cutting Headcount by 950 Employees Decrypt
- Coinbase Cuts Staff by 20% to Weather Crypto Downturn PYMNTS.com
- Coinbase Lays Off 950 Employees, or 20% of Staff The Information
- Coinbase lays off a fifth of staff as crypto downturn continues The Verge · Jon Porter
- Coinbase Cuts Around 20% Workforce as Crypto Winter Rages CoinDesk · Jamie Crawley
- Another round of Coinbase job cuts, 20% of workforce let go Associated Press · Michelle Chapman
- Coinbase to Cut Workforce by About 950 Employees in Crypto Slump Bloomberg · Philip Lagerkranser
- Coinbase fires 950 employees Cryptopolitan · Brian Koome
- Coinbase lays off 950 employees CryptoSlate · Andjela Radmilac
- Coinbase cuts jobs in latest repercussion of crypto crisis Financial Times · Nikou Asgari
- Coinbase to cut another 20% of its workforce in the second wave of layoffs Cointelegraph · Helen Partz
- Coinbase to Cut Nearly 1,000 Jobs Wall Street Journal
- Coinbase to lay off around 1,000 employees as crypto contagion deepens Tech News · Daniel Levi
- Coinbase to Slash Employees by 950, Expects to Lose $500 Million for FY 2022 Crowdfund Insider · JD Alois
- What is happening at Coinbase? Another 20% of employees laid off CoinJournal · Dan Ashmore
- Coinbase Global, Inc.: Form 8-K SEC.gov
- Breaking: Coinbase CEO Brian Armstrong Announces 20% Additional Layoff CoinGape · Varinder Singh
- Coinbase Dismisses 950 People Citing Current Economic Climate CryptoPotato · Dimitar Dzhondzhorov
Discussion
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@deitaone
@deitaone
on x
COINBASE GLOBAL INC - ON JANUARY 10, 2023, COMPANY ANNOUNCED A FURTHER RESTRUCTURING PLAN COINBASE GLOBAL INC- RESTRUCTURING PLAN INVOLVES A REDUCTION OF THE COMPANY'S WORKFORCE BY APPROXIMATELY 950 EMPLOYEES $COIN
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@pt
Parker
on x
I hope everybody involved ends up landing on their feet, but I'm really getting mixed messages from the folks at Coinbase. https://twitter.com/...
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@davidgura
David Gura
on x
Coinbase CEO Brian Armstrong, in a memo to staff: “I've made the difficult decision to reduce our operating expense by about 25% Q/Q, which includes letting go of about 950 people.” https://www.coinbase.com/...
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@davidgerard
@davidgerard
on x
Coinbase lays off another 950 staff 8-K: https://www.sec.gov/... blog post: https://www.coinbase.com/... after expected $500m loss for Q4 2022
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@degencryptoinfo
@degencryptoinfo
on x
runway increased another 1-2 quarters 8-10 quarters for the next cycle https://twitter.com/...
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@mattgoldstein26
Matthew Goldstein
on x
Days after it agrees to pay $50 million fine and spend $50 million on bolstering it's KYC and AML compliance programs https://twitter.com/...
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@kr00ney
Kate Rooney
on x
🚨Coinbase to slash 20% of workforce in second major round of job cuts CEO @brian_armstrong points to macro environment & recent pressure on crypto thanks to “unscrupulous actors in the industry” Move will lower $COIN operating expenses by 25% https://www.cnbc.com/...
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@buccocapital
@buccocapital
on x
IMHO this will be the story of 2023 for tech/tech adjacent businesses The slow realization that the pump isn't returning, and their cost structures are simply out of wack. Coinbase is just one example. Here's another: Wayfair has a market cap of $4B...they have 16k employees http…
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@kantrowitz
Alex Kantrowitz
on x
The rapidly shrinking Coinbase shrinks some more. https://www.cnbc.com/... via @Kr00ney
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@tante
@tante
on x
The weird thing about coinbase is really just _how many_ people they imployed. https://twitter.com/...
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@mdudas
Mike Dudas
on x
Coinbase right-sizing https://www.theblock.co/...
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@carnage4life
Dare Obasanjo
on x
Coinbase plans to lay off 20% of its workforce (950 people) after layoffs of 1,100 people in June. It looks like they had a bad Q4 of last year and I expect they won't be the last tech company to go back to the layoff well after a bad holiday season. https://techcrunch.com/...
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@eliotwb
Eliot Brown
on x
Crypto CEO: “In 2022, the crypto market trended downwards along with the broader macroeconomy” https://www.coinbase.com/...
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@thestalwart
Joe Weisenthal
on x
11% decline in $COIN in a matter of minutes https://twitter.com/...
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@mylesudland
Myles Udland
on x
“As part of a headcount reduction like this, we will be shutting down several projects where we have a lower probability of success.” https://twitter.com/...
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@basedkarbon
@basedkarbon
on x
@TheStalwart @brian_armstrong Again?! Bullish for $coin actually. They over hired during the supercycle and gave thousands of people 7-figure stock options. Fire them all so we can moon. Then Coinbase will have to go on a hiring spree next cycle.
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@deitaone
@deitaone
on x
COINBASE GLOBAL SHARES UP 2.9% PREMARKET AFTER CO TO CUT ABOUT 950 JOBS $COIN https://twitter.com/...
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@cryptonator1337
@cryptonator1337
on x
Coinbase firing 25% of their staff is... not bullish, if you ask me.
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@wublockchain
Wu Blockchain
on x
Breaking: Coinbase announced another 950 layoffs today. In June 2022, Coinbase laid off 1,100 people, accounting for 18% of the total number of employees. https://www.coinbase.com/...
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@thestalwart
Joe Weisenthal
on x
$COIN “Therefore, I've made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people(2). All impacted team members will be informed by today.” — @brian_armstrong https://www.coinbase.com/...