Navan (formerly TripActions) Layoff 5%
https://techcrunch.com/2023/12/05/expense-management-startup-navan-layoffs/ #layoff
TechCrunch
Given the cash burn, we won’t be able to survive long without another round of cuts. We may soon run out of cash unless we have another round of 70% devaluation fund raise
70% devaluation? Goddamn, that sounds bad.
Their app sucks
Not to mention, we also have a lot of bot written fake reviews
150 mill rev with shit load of losses but 9 bill valuation 🤦♂️
What’s wrong with that? Lyft and Uber were probably worse when they went public.
Great to see you here Shay aka Ho Lee Fuk
Guess they are managing their expenses
Our burn rate is too high. If you’re looking at joining a once good company; please wait until the leadership has changed.
Very well said yisfatc. Simply look into how many executives and leaders have left the company over the past year and you will get a great sense of how the company has been run down. The ones left, what we calling “Estaffs”, none of them have real experience running companies and taking a company public. Keep hanging employees with the IPO carrot while selling their shares through secondary transactions.
The 5% listed is just wishfully hoping to avoid bad PR and it’s just the first wave. The next rounds of cut list has already been determined. We will be having more cuts coming. Stay away from this once good company.
5 seems negligible
5% is just the first round to minimize bad press. There are more cuts coming.
The planned cut is 18%. 5% is just the first cut
The planned cut is 20%. Quiet layoffs started in Aug with US & EMEA teams, inc TLV. Then, no backfill of natural attrition. Morale is absolutely dire. Unsurprising with a CEO who openly threatens to replace everyone with AI at all hands. It’s sad, tbh. Could be an awesome product/company.
CEO is openly moronic. Anyone with a a slight ounce of intelligence could have told you that AI its current state will be a bubble. And he could never comprehend such technology which is why the implementation is so poor.
The old CEO is sweet and lovely that’s why i can be the COO and new CEO. Huge boy club fan
Gotta manage the expenses