Flexport to lay off 20% of its workforce

Flexport news is wild.

How often do you see 20% layoff less than a week after raising $260M?

https://www.flexport.com/blog/Flexport-Fundraise-2023/

The word has been out for a while on Flexport.

The $260M investment likely came with the directive of reducing operating costs.

"We think this opportunities merits an increased investment. But less investment than you are current making."

Seems more like, we would like to increase investment on the condition that you use it more for X (???) and less for Y (people).

Oh and all you companies do this all at the same time so no one loses stock value, kthxbye.

Operating costs are not an "investment".

They are.

They are not the only kind though.

20% is less than the 30% previously announced?

I read this as 20% on top of the 30% that already happened 3 months ago.

Flexport bought Shopify Logistics from Shopify barely a year ago. And now they raised money from Shopify. Their ownership in Flexport should be pretty significant now.

I always saw Flexport hiring ads on HN, even recently IIRC. Wat

I believe this is their third round of layoffs within a year?