2022-11-24 14:46:07

CEO of $4.5 billion tech firm slams his peers over layoffs: 'These are humans'

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CNBC
By Ryan Browne

Key Points

  • Julian Teicke, CEO of Wefox, told CNBC he is disgusted by what he views as a disregard by some of his peers for their employees.
  • VCs have been advising startups in their portfolios to cut costs and freeze hiring as economists warn of an impending recession.
  • I believe that CEOs have to do everything in their power to protect their employees. I haven't seen that in the tech industry, Teicke said.

Wefox CEO Julian Teicke.

Wefox

HELSINKI, Finland The boss of European digital insurance startup Wefoxoffered a damning response to tech companies that havelaid off workers en masse.

The likes of Meta, Amazon and Twitter have laid off tens of thousands of employees in response to pressure from investors, who want to see them cut costs to weather a global economic downturn.

Swedish fintech firm Klarna was among the first major employers in tech to slash jobs this year, cutting 10% of its workforce in May. Several companies have followed suit, from those in Big Tech to venture-backed startups like Stripe.

Continue read on cnbc.com

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