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The company joins a list of multinational American firms that have laid off employees in recent weeks due to rising operating costs amid decades-high inflation.
“We were not as rigorous as we should have been in managing our team growth … That’s on me. As a result, operating expenses grew quickly,” said Chief Executive Tony Xu in a message to employees posted on the company’s website.
As of Dec. 31, 2021, the company had more than 8,600 employees worldwide.
