Friday, November 7, 2008
if LinkedIn is Laying Off - the Internet Apocaolyse is Upon Us!
LinkedIn Rocks, Works, is CASH-FLOW POSITIVE and is all around a Totally Excellent Web 2.0 Venture ... So if this super web company is cutting 10% of staff, God knows what will happen to all the second rate virtual crapsites out there. Dear Readers please excuse the terrible picture but it was the ugliest one PG could find to visually articulate this pending internet industry armageddon:
LinkedIn Cuts 10% Of Staff TechCrunch less than a day ago
We've just heard from LinkedIn that the Sequoia-backed business network will be cutting 36 of 370 employees, or around 10% of the company. LinkedIn is saying that some of these employees will be reassigned to new roles (though the company won't comment on how many new roles there will be). It's likely that the cuts were prompted by investors like Sequoia pushing for cost cutting (the VC gave portfolio companies a 56 Slide Presentation of Doom last month in light of the economic crisis). But LinkedIn isn't about to run out of money: the company just closed a $22.7 million infusion, which came on top of a $53 million Series D round in June that pegged LinkedIn's valuation at $1 billion. Full story...