Ribbon, The New York-based prop-tech company is the latest in the real estate market to announce a round of layoffs. This is the company’s second round of layoffs in the last 6 months, which saw a reduction of 40% of the workforce leaving only 200 people in the company.
The current round of layoffs seems to impact 85% of the remaining headcount of ~ 170 employees, leaving less than 30 employees to run day-to-day operations.
The company’s CEO Shaival Shah had hinted to the employees of a potential 2nd round of layoffs in a company-wide announcement on Nov 15. Most of the employees were left to guess and wait for an official communication to find if their position was impacted.