A proptech startup by the name Frontdesk layed off their entire workforce of 200 employees on just a 2 minute call. Which seems very strange in the world of uncertainties on Tuesday Morning.
Everyone got affected by this decision all part time, full time employees. This layoff happed on the 2 minute Google Meet call with the team.
According to tech crunch this mass layoff is happened as company got failed to raise additional capital. Frontdesk had approx 1000 furnished apartments all over united states.
Image credit: hospitalitynet
As per the reports they have already raised $26 million in funding from investors like jetblue ventures, Sand hill angels & Veritas investments. Startup also were not doing well in business due to heavy costs in business operations.
The Frontdesk CEO Jesse DePinto told his employees that “filing for a state receivership, an alternative to bankruptcy”.
We have experienced companies like Google, Amazon, Tesla layed Off employees and number is increasing very very rapidly, in two years we can say there is approximately 425000 employees lost their job.
Ai is also one of the main reason for laying off employees on regular intervals.