Looks like things are not getting any better. Massive layoff is coming. Good luck everyone. https://www.wsj.com/articles/digital-startup-convoy-is-winding-down-its-freight-business-e84b987c?reflink=mobilewebshare_permalink
Wow
It’s a dark time in the logistics industry
Indeed. Especially startup digital brokerages that were in various stages of funding. Some smaller brokerages will probably not survive either—too many post-pandemic challenges in the short term. I wonder how Uber Freight will do. Amazon logistics will thrive.
Uber Freight would be in the same boat if they didn't acquire transplace to diversify from just a marketplace to now mostly a 4PL company with a traditional + digital brokerage marketplace layer. But likely will just be another freight company with some tech vs a tech company in freight
Convoy was doomed with absolute clueless shitty leadership from the get go
Yeah, they were a great idea with the worst leadership.
From Amazon
Wow they had reached out to me for hiring in 2019. I thought I missed a big opportunity by not following up.
Adding from the other thread: They laid everyone off with no severance or benefits. CEO blamed the lender for not supporting severance packages. Pretty poor form after they offered retention bonuses after the last round of layoffs to keep staff around through end of year. That’s one way to piss off a bunch of people.
Holy shit
Yea I was offered a bonus to stay until the end of December...
So everyone's RSUs/options just vanished before any liquidity?
Did the last 500 warriors get screwed? The previous 4 rounds seemed to have typical, if not above average, severance packages.
Yep everyone at the company got screwed, no severance, insurance benefits only good until end of the month and all of the stock options are virtually worthless. To add insult to injury, two weeks before this terrible shut down I received a "retention" bonus offer contingent on staying with the company for 6 months, which obviously was an empty promise and never materialized. The employees that survived the last 4 layoffs got screwed. All other rounds of layoffs had pretty good severance and employees got to keep their laptops.
2nd round layoff employee here, no laptop kept, that was the precondition to get the severance at my round
Breaker 1-9 there here is rubber duck