Patreon Inc., which helps entertainers sell their work to subscribers online has become the latest tech firm to initiate layoffs. Moreover, the tech firm has announced to layoff 17 percent of its total workforce. In addition, Patreon has decided to close its office in Dublin which is a set back for Ireland.

17 percent jobs are lost

Company’s chief executive officer Jack Conte issued the note to the staff on Tuesday. The note had the news that the company is closing its Dublin office which they opened three years back. Furthermore, the closure of Dublin office will result in loss of 80 jobs which is approximately 17 percent of the total employee strength. However, Patreon has offered some Dublin-based engineers to move and work in United States. In the note company said it is “offering our nine Dublin engineering teammates relocation packages to join US-based teams”.

CEO’s note to the employees

“Today we will lay off 80 Patreon teammates from our Go-to-Market, Operations, Finance, and People teams, with roughly 17% of our team leaving the company. Over the last nine months, we’ve seen the tech industry – and the whole economy – change considerably. Many of you have asked me about layoffs at All Hands meetings as we’ve set out to tighten our focus, and I’ve said that layoffs would be a last resort. Today we are taking that step, and I am deeply sorry to the kind, talented, creator-first people who will be leaving Patreon.” CEO Jack Conte wrote in his note.

Crunch economic times

Previou sly, Patreon also let go of five members of its security team last week. However, the company claimed that they laid off those employees due to different reasons. Moreover, Conte blamed changes in the technology industry and the economy over the last nine months. Last year, Patreon raised a $155 million round of venture funding bringing the company’s valuation to $4 billion.

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