San Francisco, January 3: Online rental platform Frontdesk has become the first tech startup to lay off employees in 2024 -- its entire 200-person workforce -- during a “two-minute Google Meet call”. The layoffs included full-time, part-time workers and contractors and the proptech startup is now on the verge of shutting down, TechCrunch reported on Wednesday.

Frontdesk CEO Jesse DePinto apparently told employees that the company would be “filing for a state receivership, an alternative to bankruptcy”. The startup was yet to comment on the report. Elon Musk-Founded Starlink Internet Company on Mission With ‘Direct to Cell’ Capability To Boost Global Connectivity in Areas With No Cellular Connection.

Founded in 2017, the startup managed more than 1,000 furnished apartments across the US. Frontdesk had raised about $26 million from investors such as JetBlue Ventures, Veritas Investments and Sand Hill Angels. The startup aimed to raise fresh capital but failed in its attempt.

“Frontdesk was apparently still optimistic about its ability to raise more capital; the startup had posted on LinkedIn openings for several jobs, including a chief of staff role, just two months ago,” said the report. Telegram New Update Features: Encrypted Messaging Platform Introduces New Updates Including ‘Colourful Calls’, ‘Thanos Snap Effect’ and More; Check Details.

Tech companies, including startups, around the world fired more than 425,000 employees in the last two years, with more than 36,000 employees being sacked in India in the same time period. In 2023, nearly 2.6 lakh employees were laid off in the global technology and startup sector. Citing the global macroeconomic conditions, Big Tech firms and startups across the spectrum have sacked employees, and layoffs continue to happen.

(The above story first appeared on LatestLY on Jan 03, 2024 11:57 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).