Newsletter Startup Substack Lays Off 14% of Staff, Citing Uncertain Macroeconomic Outlook
Todd Spangler NY Digital EditorIn another blow to the creator economy, Substack, a company that provides services for writers to offer paid newsletters, laid off 13 employees, about 14% of its headcount.CEO Chris Best told staffers of the layoffs in a memo, which he posted on Twitter. “Today’s the saddest day we’ve had at Substack,” he wrote.In the memo, Best said, “Our goal is to make Substack robust even in the toughest market conditions, and to set the company up for long-term success without relying on raising money — or, at least, doing so only on our time and our terms.”Some of Substack’s most popular newsletters are penned by Heather Cox Richardson, Matt Taibbi, Bari Weiss, Noah Smith, Glenn Greenwald, Joseph Pompliano and Emily Oster.