May 6, 2020
Original image by Brian Jelonek
Good morning! This Wednesday, Airbnb's layoffs suggest it might yet survive, everyone's reporting slow user growth, and pitch deck data suggests VCs are still shopping. Want Index in your inbox each morning? Subscribe here.
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Airbnb announced yesterday that it's cutting 1,900 jobs, around a quarter of its workforce, as it forecasts 2020 revenue will be less than half of 2019's.
What's particularly interesting here is the way the layoffs are structured.
The other notable thing is how these layoffs were handled. Chesky wrote a long, thoughtful note to employees outlining the reasons for the decision, and he said, where possible, affected people were told about the layoffs in 1:1 meetings.
We all know the fundraising market is a bit messy right now, but some data suggests it's not as bad as you might think. DocSend monitors founder and VC activity on its platform and has seen remarkable stability.
On the startup side, Heddleston thinks there's a divide.
For startups that do need to raise, Heddleston thinks investors are looking for a couple things.
The main thing that's changing is timing: "The number of meetings will probably go up, because it'll just take longer to get to know each other."
Twitter said yesterday that it's testing a new feature that'll prompt users to rethink their messages before they tweet anything with "language that could be harmful." Hopefully forcing people to consider the consequences of their actions will help reduce the amount of hate. I'd quite like them to expand the feature, too: It needs to warn me not to post bad jokes so I don't publicly embarrass myself.