Due to the challenging macroeconomic environment, the online payment company is looking for a way to shed 2,000 jobs. Mr Chairman of the company said,
“We must continue to change as our world, our customers, and our competitive landscape evolve.”
This announcement follows thousands of layoffs by many other tech companies. The tech giant announced to shed the jobs, including Google, Amazon, and Microsoft. They all shed the employees from their companies due to the economic condition of their companies. The other reason is that the technology demand peaked during COVID days. During those days, the company hired several employees to meet the demand. Now the situation is in control, and the market is going down.
NEW: PayPal lays off 2,000 employees as Elon Musk prepares to launch online payments through Twitter.
The day Twitter can process payments is the day I ditch PayPal forever.
— Collin Rugg (@CollinRugg) January 31, 2023