‘Substack remains in a strong position.’
, that’s around 14 percent of Substack’s workforce. In his letter and follow-up tweets, Best cites “market conditions” as the reason behind the layoffs.
He also admits that the move may be a surprise to some employees. “Not so long ago, I told you all that our plan was to grow the team and not do layoffs,” he says, also noting that the company is “still hiring for specific key roles” and has money saved. However, Best says that the company needs to change tactics, as it could be facing “an extended period” where the economy goes from bad to worse.
The people we’re saying goodbye to today are all talented, great people who care deeply about helping readers and writers. It hurts to let them go. We’ll miss them.
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