Business

PayPal is reducing its workforce by 9%

New York (CNN) — PayPal is cutting about 9% of its workforce, the company said Tuesday.

Posted 2024-01-30T20:47:14+00:00 - Updated 2024-01-30T22:17:14+00:00

PayPal has pulled out of Facebook's digital currency project, known as Libra, a blow to the social media company that has faced stronger-than-expected scrutiny over its proposed creation of an alternative payments system.

Ramishah Maruf

, CNN

New York (CNN) — PayPal is cutting about 9% of its workforce, the company said Tuesday.

The layoffs join the long list of tech companies that have trimmed staff, from Amazon to eBay, in just the first month of the new year.

CEO Alex Chriss cited the need to push forward on new technology.

“Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication,” he wrote in a letter sent to staff Tuesday.

UPS is cutting 12,000 jobs

Last week, eBay said it is laying off 1,000 employees, or about 9% of its staff, also citing the macroeconomic environment. Google CEO Sundar Pichai started the new year warning of further layoffs ahead. Amazon will cut hundreds of jobs, including at Twitch. Duolingo laid off around 10% of its contract workers as it moves to rely more heavily on artificial intelligence.

As of Tuesday afternoon, 98 tech companies have laid off more than 25,000 employees so far in 2024, according to Layoffs.fyi. Last year saw 262,595 layoffs in more than 1,100 companies, according to the database.