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SoundCloud Bankrupt? Company Is Firing 20 Percent Of Workforce

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The streaming company SoundCloud is cutting around 20% off its worldwide staff. 

Billboard published the news that SoundCloud Chief Executive Officer Michael Weissman told the staff in a memo to the company that the move was because of the current economic situation. 

The affected employees will be informed in the coming days.

"Today's shift positions SoundCloud in the long-term and sets the company on a path towards long-term profit," Weissman wrote in the memo. 

"We have already started making prudent business decisions in the financial department, and now we're extending that to a cut to our staff." 

In the statement sent to Billboard the following day, a SoundCloud spokesperson confirmed the news and stated: 

"During this difficult time, we're focusing on providing support and resources for those who are going through a transition and reaffirming our determination to fulfil our mission of guiding the next generation of music."

SoundCloud is only one of many tech firms that have recently announced reductions in staff (Tesla, Substack, Coinbase and OpenSea, to mention just a few) or changes to hiring plans.