Carousell fires 10% of staff – Read the Memo from the CEO to his employees
By Financial Horse  •  December 6, 2022
A couple of months ago we talked about how Shopee (Sea) laid off hundreds of staff in a bid to cut costs. Well, the trend is continuing to play out, because last week Carousell was the next Singapore tech company to lay off staff. Most Singaporeans will know of Carousell, a Singapore based consumer-to-consumer (C2C) platform operating across Southeast Asia -where you can go to buy / sell stuff. Last week, Carousell announced that they are letting go of about 110 employees, or 10% of its total headcount, in an effort to reduce costs amid a challenging market condition for the tech industry.  It seems that many of these tech companies overhired in 2021 after the COVID driven boost in business, and are now having to “right size” as business growth slows. Here’s the full email from CEO (Siu Rui Quek) to his staff,...
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By Financial Horse
Financial Horse was founded with a simple goal – To provide high quality financial commentary, in plain English. He is a firm believer in Einstein’s quote that “If you can’t explain it to six-year-old, you don’t understand it yourself.” Too much of finance is shrouded in complex jargon, and Financial Horse aims to demystify financial investments.

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