Yesterday Fair.com laid off 40% of their people with no notice. They acquired Canvas a SF company a month ago and laid off half their team at that time and then laid off the rest with a significently less severence package.
Factors leading to the layoffs:
— WeWork debacle leading to decreased fundraising efforts needed to sustain the business since the company sets money in fire.
— Bad asset management! Until a month ago, they did not know where ~90% of cars were located. They continue to manage hundreds of millions of dollars worth of cars on google sheets.
— The company spends incredible sums on parties at the CEOs house.
— They continue to add new Vendors when they have account in collections as they haven’t paid their existing vendors in a year.
Reasons why to not work at Fair:
— They hire contractors on as vendors as a way to not pay them. Currently there are a handful of employees waiting to still be paid and its been 2-3 months.
— Leading up to the layoffs they slowed doen hiring in the sense that they did not put out offers and recind existing offers that were not approved or hand budgets to be funded. Ex: There was a candidate who transfered their H1B visa over to Fair only to have his offer and visa transfer recinded.
— The culture is sexist at best: the coding training challenge was to code a service which calculated an age floor for the youngest women you can date legally.