Part of the cuts come from Shopify's sale of its logistics division to Flexport, based in Silicon Valley, Calif.
It's really surprising to me that the company that laid off 20% of their staff is now buying an entire logistics division off of Shopify. I actually interviewed at Flexport earlier this year, and it was not the greatest experience (delays on interviewing, interviewers who didn't know who I was or what role I was interviewing for, one on one interviews where the other party wasn't even paying attention). The week I interviewed they ended up announcing the layoffs, so I just assumed they weren't serious about hiring.
Shopify is not reporting significant income from this transaction, instead I think they are just getting shares in Flexport. I wonder why this is worth 13% of Flexport to get this asset?
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It's really surprising to me that the company that laid off 20% of their staff is now buying an entire logistics division off of Shopify. I actually interviewed at Flexport earlier this year, and it was not the greatest experience (delays on interviewing, interviewers who didn't know who I was or what role I was interviewing for, one on one interviews where the other party wasn't even paying attention). The week I interviewed they ended up announcing the layoffs, so I just assumed they weren't serious about hiring.
* https://www.cnbc.com/2023/01/11/flexport-to-lay-off-20percen...
Shopify is not reporting significant income from this transaction, instead I think they are just getting shares in Flexport. I wonder why this is worth 13% of Flexport to get this asset?