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Photo: Yuriko Nakao/Getty Images

Airbnb is laying off a nearly 1,900 employees, or a quarter of its global workforce, as it tries to weather the near total halt of travel amid the coronavirus pandemic.

Why it matters: Despite raising $2 billion in debt and equity last month, cutting marketing expenses and freezing hiring, the company couldn't escape having to cut a significant number of jobs.

  • "Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019," CEO Brian Chesky said in a company email announcing the layoffs.
  • For severance, employees will receive 14 weeks of pay, plus an additional amount based on their tenure and location. They will also receive extended health care coverage (for 12 months in the U.S. and through the end of the year elsewhere), and the company is removing the first-year minimum to vest their equity if they joined in the past year.
  • The layoffs were not a condition to Airbnb's recent financings, per a spokesperson.
  • Questions also remain about the company's plans to go public this year.

Go deeper: CEO Brian Chesky's full statement

Go deeper

Ina Fried, author of Login
Aug 11, 2020 - Technology

Firefox maker Mozilla to cut 250 jobs

Photo illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Mozilla, the nonprofit maker of the Firefox browser, told employees Tuesday that it is cutting 250 jobs, roughly a quarter of its workforce.

The big picture: Mozilla has been trying to get more of its revenue from subscription products, but said in an internal email that its pre-pandemic business plan is no longer viable.

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.