Audio App Clubhouse Lays Off Half Its Employees (axios.com) 15
Clubhouse, the audio app that peaked in popularity during the COVID-19 pandemic, is laying off more than half of its employees. Axios reports: CEO Paul Davison tweeted that the move was about forming a smaller team focused "relentlessly on product," rather than because of the economic environment. He added it wasn't a financial decision and the San Francisco-based company has "plenty of runway."
No specifics on layoff numbers, but a Clubhouse spokesperson says that company headcount never surpassed 100. Clubhouse raised around $300 million in total venture capital funding (most recently in 2021 led by Andreessen Horowitz at a $4 billion valuation).
In a memo sent to employees, Clubhouse said it would provide those impacted with salaries through April and four months paid severance, accelerated vesting, health insurance through the end of August and help with possible immigration issues.
No specifics on layoff numbers, but a Clubhouse spokesperson says that company headcount never surpassed 100. Clubhouse raised around $300 million in total venture capital funding (most recently in 2021 led by Andreessen Horowitz at a $4 billion valuation).
In a memo sent to employees, Clubhouse said it would provide those impacted with salaries through April and four months paid severance, accelerated vesting, health insurance through the end of August and help with possible immigration issues.
So what these companies are doing (Score:4, Insightful)
It's a pattern created by a handful of MBAs who have specialized in getting the maximum amount of work for the minimum amount of pay.
The question is why do we all tolerate this? I know it nerds like to think of themselves as geniuses because we talk to idiots all day long so we do tend to get it in our heads that we are personally irreplaceable.
Here's the thing. If you're not irreplaceable you're going to get replaced and if you are irreplaceable your boss is working to figure out how to make you replaceable and he will succeed.
But it's a big economy and survivor bias is a bitch so maybe you'll be the one that wins the lottery and makes it to the grave intact. Good luck
Re:So what these companies are doing (Score:5, Interesting)
> The question is why do we all tolerate this?
Being antisocial has its downsides. Many nerds have trouble getting jobs and when they feel important they'll put up with a ton of abuse as long as the ego is fluffed.
They may be risk adverse, feel they're overpaid, or just cowardly.
If nerds were social they'd have a better guild than hotel waitstaff, but they're loners not joiners. Somehow they think they're smart yet mistreated.
The exceptions rise quickly or start their own companies.
Like getting a $4B billion valuation on a 50-man company, I guess. Hopefully they cashed out some.
Yeah I'll give you that (Score:2)
Everyone hates that idea but the fact of the matter is a lot of kids not just nerds don't get any positive reinforcement from their parents. One of the dirty secrets of Parenthood is that a lot of parents resent their
Re: (Score:2)
The modern generation has too much unearned self-esteem. It's basically just toxic ego in many cases. Just look at social media influencer douchebags for an example.
Everyone eventually learns: know your worth and refuse to work for less. The only one who is going to better your situation is you.
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*they're*
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News For The Soon To Be Unemployed (Score:2)
So depressing.
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He added it wasn't a financial decision
It sounds like he fired them for no reason as well.
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Being remote has made this especially challenging for us.
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It's an easier thing to say than "our product was a flash in the pan that has no long-term demand, we don't have the vision to come up with anything else, and we're going to stem the bleeding a bit before we eventually wind down the entire company unless we get lucky enough to find a buyer (lol)".
Of course this was going to happen (Score:2)
Remember when we all first heard about Clubhouse a few years ago? During the pandemic lockdown with not much else going on, a voice-centric social medium was an interesting new idea that drove us all to the site to take a look. Aaaand... we were met with "By invitation only." By the time Clubhouse opened up for general use, the flush of interest had evaporated.
What a joke (Score:2)
Party lines are not an innovation. Making invite-only party lines is not an innovation. People are no longer bored at home. Nothing about this is surprising or even interesting.