Todd Spangler NY Digital Editor Clubhouse is making a major reboot: The once-buzzy audio-livestreaming social app is laying off more than half its staff in what founders say is a necessary strategy pivot.
Clubhouse founders Paul Davison and Rohan Seth announced the layoffs in a memo to employees Thursday. “We arrived at this conclusion reluctantly, as we have years of runway remaining and do not feel immediate pressure to reduce costs,” they said. “But we believe that a smaller team will give us focus and speed, and help us launch the next evolution of the product.” San Francisco-based Clubhouse had close to 100 employees, Davison said at the TechCrunch Disrupt conference last October.
Clubhouse has raised $110 million in funding and was reportedly valued at $4 billion. Investors include venture-capital firms Andreessen Horowitz (a16z) and Kortschak Investments.
Twitter, prior to Elon Musk’s acquisition, had been in talks to buy Clubhouse for $4 billion, according to a 2021 report by Bloomberg.
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