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- Shopify announced Thursday that it is cutting 20% of staff and selling off its logistics business.
- Fear has been growing among employees over impending layoffs over the last few days.
- The company previously laid off 1,000 people in 2022 amid slow growth post-pandemic.
Shopify's CEO Tobi Lütke announced early Thursday that the company is cutting 20% of its workforce and selling the majority of its logistics business to supply chain technology company Flexport.
In a note to employees and shareholders on Thursday, Lütke said: "I recognize the crushing impact this decision has on some of you, and did not make this decision lightly."