"I know this news is surprising, especially as you heard last month that the business is on track with record quarters and increasing customer demand. However, capital markets sentiment shifted to a more balanced approach between growth and profitability, and at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success."

Translation: we over-hired based on the assumption that VC money would keep being easy to come by, and now that VCs might be tightening their purse strings, we want to preemptively lower our burn rate in case the next round of funding is tougher.

I get it, but every pre-IPO company that does this just indicates that their leadership are short sighted and gobble up as much VC money as possible just because they can, rather than raising only the amount needed for their growth goals.

This whole "let's over hire while the VC money is flowing and mass lay off as soon as it's not" thing will make talent think twice before applying to your company, and will make your existing talent eager to look elsewhere for more a more secure role.