an aggregator most recently valued at $10 billion, announced layoffs and plans to replace its CEO, according to multiple reports.
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The company, which buys small businesses on Amazon and manages them, will replace CEO , Thrasio鈥檚 only remaining founder, with former Amazon Global Prime leader , Layoffs will likely affect the company鈥檚 marketing, brand, and creative operations.
News of layoffs at Thrasio come after the company reportedly nixed plans to go public through a SPAC last year. And the shakeup also comes amid a bit of a market correction.聽
Turmoil in the public markets is starting to trickle down to the private markets and newly-public companies. Startups are tightening their spending and investors appear to be more cautious when it comes to doling out funds. , which went public last year, announced last week that it would cut around 9 percent of its employees.聽
And while Massachusetts-based Thrasio is the latest high-profile company to lay off employees, it may not be the last in the near future.
Thrasio raised around $3.4 billion in funding from investors including and , per SA国际传媒 data. Investors gave the company a $10 billion valuation after its $1 billion Series D round in October 2021.
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