Zoom to lay off 1300 employees amid global uncertainty.
Zoom Video Communications, the business behind the popular video conferencing platform, revealed intentions on Tuesday to lay off around 15% of its personnel.
CEO Eric Yuan revealed in a blog post that he will be forgoing his executive bonus and taking a 98% pay cut this year. Members of the executive leadership team will also lose their bonuses and see their pay reduced by 20%. Despite the world’s continuous reliance on Zoom as it gets used to life after the pandemic, Yuan said that customer spending is declining. Due to this, the terrible decision to fire 1,300 workers has been made.