Business Insider is set to layoff almost 10% of its workforce

Business Insider is set to layoff almost 10% of its workforce, per Bloomberg.

Business Insider, the news website, is set to undergo a workforce reduction of approximately 8%, according to CEO Barbara Peng. This move aligns with recent layoffs in the tech and media sector, which has been facing challenges due to advertisers cutting back spending amid persistent high borrowing costs. Other media outlets, including the Los Angeles Times and Conde Nast, have also implemented staff reductions.

Barbara Peng stated in a post on Business Insider's website, "We have already begun to refocus teams and invest in areas that drive outsize value for our core audience. Unfortunately, this also means we need to scale back in some areas of our organization."

The departing employees will be provided with a minimum of 13 weeks' pay and medical coverage through May. German publishing giant Axel Springer SE acquired a majority stake in Insider in 2015, rebranding it in 2021. However, the name was reverted when co-founder Henry Blodget stepped down as the CEO in November.

Similar workforce reductions have been witnessed across the tech industry, with companies such as Alphabet, eBay, and Amazon.com streamlining operations to enhance efficiency.