Daniel Ek, CEO of Swedish music streaming service Spotify, in 2016. On Monday, Ek announced Spotify would layoff 17% of employees. Toru Yamanaka/AFP via Getty Images
Toru Yamanaka/AFP via Getty Images
The music streaming giant Spotify has announced it’s cutting 17% of its workforce in a dramatic move aimed at slashing costs.
In a memo addressed to staff, CEO Daniel Ek said it was critical that the company “rightsize” its financial situation after hiring too many people in 2020 and 2021, when capital
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