Tech layoffs: eBay announces 500 new job cuts to reduce workforce by 4%

Several tech giants including Google, Amazon, Meta, Microsoft and others have already announced mass layoffs in 2023. More companies are now joining the bandwagon and are announcing fresh job cuts. E-commerce firm eBay Inc has announced that it will lay off 500 employees globally. The number of employees that will be laid off represents 4% of the company’s total workforce.

Why eBay has announced job cuts
According to a report by CNBC, eBay CEO Jamie Iannone has shared a memo with employees to announce the new job cuts. In the memo, Iannone said that the company has decided to make cuts after analysing the global macroeconomic environment “over the past several months.”