Layoffs affected full-time, part-time workers, and contractors, leading the proptech startup, Frontdesk, toward imminent closure.
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CEO Jesse DePinto indicated plans for state receivership as an alternative to bankruptcy, without the startup commenting on the report.
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Established in 2017, Frontdesk managed over 1,000 furnished US apartments and secured $26 million from investors like JetBlue Ventures and Veritas Investments.
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Despite aiming to raise fresh capital, the startup failed in its attempt, while still posting job openings, displaying optimism.
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Global tech companies terminated over 425,000 employees in the last two years, with 36,000 job cuts in India during the same period.
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Approximately 2.6 lakh employees faced layoffs in the global tech and startup sector in 2023, attributed to adverse macroeconomic conditions.
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Layoffs persist within Big Tech firms and startups globally, a consequence of prevailing global economic circumstances.
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