<story><title>Substack is laying off 14% of its staff</title><url>https://www.nytimes.com/2022/06/29/business/media/substack-layoffs.html</url></story><parent_chain><item><author>jonny_eh</author><text>I&amp;#x27;m kinda surprised that a 13 employee layoff at a 90 employee company is newsworthy enough for the NYTimes.</text></item><item><author>andreyk</author><text>Some more details:
&amp;quot;Substack laid off 13 of its 90 employees on Wednesday, part of an effort to conserve cash amid an industrywide funding crunch for start-ups.&lt;p&gt;Substack’s chief executive, Chris Best, told employees that the cuts affected staff members responsible for human resources and writer support functions, among others, according to a person familiar with the discussion.&lt;p&gt;Mr. Best told employees on Wednesday that Substack had decided to cut jobs so it could fund its operations from its own revenue without raising additional financing in a difficult market, according to the person with knowledge of the discussion.&amp;quot;&lt;p&gt;So to be fair to Substack, while their valuation is crazy it&amp;#x27;s not like they are burning through VC money with wild abandon. Nice to see some restraint instead of a CEO feeding delusional hype.</text></item></parent_chain><comment><author>pessimizer</author><text>The NYT editorial line despises Substack and prays for it to fail. It&amp;#x27;s certainly important news for people who are interested in Substack that they&amp;#x27;re failing to make money, though.</text></comment>
<story><title>Substack is laying off 14% of its staff</title><url>https://www.nytimes.com/2022/06/29/business/media/substack-layoffs.html</url></story><parent_chain><item><author>jonny_eh</author><text>I&amp;#x27;m kinda surprised that a 13 employee layoff at a 90 employee company is newsworthy enough for the NYTimes.</text></item><item><author>andreyk</author><text>Some more details:
&amp;quot;Substack laid off 13 of its 90 employees on Wednesday, part of an effort to conserve cash amid an industrywide funding crunch for start-ups.&lt;p&gt;Substack’s chief executive, Chris Best, told employees that the cuts affected staff members responsible for human resources and writer support functions, among others, according to a person familiar with the discussion.&lt;p&gt;Mr. Best told employees on Wednesday that Substack had decided to cut jobs so it could fund its operations from its own revenue without raising additional financing in a difficult market, according to the person with knowledge of the discussion.&amp;quot;&lt;p&gt;So to be fair to Substack, while their valuation is crazy it&amp;#x27;s not like they are burning through VC money with wild abandon. Nice to see some restraint instead of a CEO feeding delusional hype.</text></item></parent_chain><comment><author>Negitivefrags</author><text>Journalists at the NYT are probably feeling some schadenfreude about it because substack is often positioned as a kind of anti-mainstream-media website.</text></comment>