Egypt-born mobility startup SWVL, which operates from its headquarters Dubai plans to let go of 32% of its staff, it stated in an announcement recently. The total count of layoffs seems to be around 400+ employees.
Technology & growth companies – both private and public, have faced a reckoning over the beyond few months with their valuations taking a beating and funding being withdrawn from investment giants.
This downsizing from the Dubai-primarily based startup adds to the lengthy listing of global move-stage layoffs in what has been a difficult month for tech employees. Over 16,000 tech jobs have been cut just in the US in the past month – this is the largest since the pandemic layoffs.
It is also to note that SWVL went public just 2 months ago and this news comes as a shock to those who have been monitoring the company’s stock closely. The company has also garnered some bad press recently in regards to its wrongful terminations & poor work culture.
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