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According to a message sent by Cameron Winklebus, the president of the stock exchange, to employees via the corporate communication application Slack, “We had hoped to avoid further cuts after the summer – but stubbornly difficult macroeconomic conditions and unprecedented fraud perpetrated by bad actors in our industry have left us with no choice but to scale back our expectations and reduce the number of employees again.”
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When Winklevoss talks about further cuts, he means that this is the third wave at the company in less than a year – in June it laid off 10% of its employees (about 100 people), and only a month later it said goodbye to another 7% (about 70 people).