Good morning! Today, we talk about Brazilian unicorns’ layoff numbers. False alarm highlights security concerns in Brasília. And challenges to Jair Bolsonaro’s Christmas pardons.
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Brazilian unicorns laid off more than 4,000 in 2022
After growing at astonishing rates for years, Brazil’s 24 unicorns (startups worth over USD 1 billion) laid off more than 4,000 workers combined. A big chunk of these cuts came from real estate startup Loft, where 855 people were fired this year.
- More recently, busing startup Buser cut 30 percent of its staff three weeks ago (roughly 165 people).
What they are saying. Companies play down the cuts as a natural process. After rapid expansions in the search for market share, startups hire boatloads of people at high salaries, plush benefits, and tons of career growth opportunities.
- After consolidating their positions in the market, they begin to wring out their payroll in search of profitability.
Yes, but … Brazilian unicorns are not the only ones making massive layoffs. In the U.S., the tech sector is seeing mounting firings...