Masterclass – The online learning platform selling passes to classes taught by high end professionals and celebrities has laid off more than 20% of its total workforce.
The company which was valued at $2.75bn in its last round of funding had a total of 600 full-time employees as of this decision, making the total cut to be around 120 Employees. None of the senior management has been let go as part of these layoffs.
CEO of the San Francisco-based company David Rogier has taken it to Twitter to share the news regarding the layoffs.
Today is a sad day @masterclass . I made the really hard decision to reduce our team by 20% to adapt to the worsening macro environment and get to self sustainability faster.David Rogier – Twitter
MasterClass was on track to invest fresh funding into the company eyeing to launch itself globally by the end of the year. The severance as communicated to the employees is 11 weeks of base pay with additional 1 week for every year spent at the company & Company laptops can be kept for personal use.
It was the most difficult decision I’ve had to make since we launched 7 years ago, because our team pours their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world.David Rogier – Twitter
MasterClass, which offers classes from celebrities, athletes and business leaders, has seen an increase in sales as people were trapped at home during the coronavirus pandemic last year. The growth was so strong that several weeks it increased tenfold from the same week a year ago.