Name: Unicorn layoffs keep piling up as the economy gets worse
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Unicorn layoffs keep piling up as the economy gets worse

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Earlier today a grip of new data presented a sharply negative picture of the American economy. And this afternoon, news broke that a trio of well-known, heavily-backed unicorns were cutting staff.With stocks down as well, we’ve received negative signals from the private market, the public market and the economy as a whole in the same day. Let’s take a minute to set the macro stage, and then go over the latest cuts from (), () and ().The backdrop for today’s cuts is a faltering American economy. A glance at recent news is sufficient. In the last few hours, home builder confidence recorded the “,” while retail sales fell 8.7% in March, “the most ever in government data,” and that American factories’ output fell 5.4% in March, “their steepest one-month slowdown since 1946.”It’s perhaps no surprise, then, that we’ve seen unicorn layoffs all year. In January the news to skate closer to profitability. Then, the first round of ; firms like Bird and TripActions slashed staff as their companies were rent by a slowdown in their core operations by the pandemic and its related economic and social changes.Slimmer cuts at smaller companies have happened on a nearly chronic basis, something that TechCrunch has covered, as well.Today, however, saw three cuts from three unicorns (private companies worth $1 billion or more) that have long been objects of TechCrunch’s attention. So, let’s talk about them briefly:It’s getting hard to keep track of all the cuts. Heck, I helped recently with , and . It’s a rough, bad economy, and it’s harming growth-oriented companies that like startup unicorns.More when we have it, probably sooner than we’d like to report.

Earlier today a grip of new data presented a sharply negative picture of the American economy. And this afternoon, news broke that a trio of well-known, heavily-backed unicorns were cutting staff.With stocks down as well, we’ve received negative signals from the private market, the public market and the economy as a whole in the same day. Let’s take a minute to set the macro stage, and then go over the latest cuts from (), () and ().The backdrop for today’s cuts is a faltering American economy. A glance at recent news is sufficient. In the last few hours, home builder confidence recorded...

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Alex Wilhelm

Technology news and analysis with a focus on founders and startup teams. Got a tip? tips@techcrunch.com

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Unicorn layoffs keep piling up as the economy gets worse

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