Michelle Fang’s Post

EBAY TERMINATED MORE THAN 30% OF ITS WEB3 TEAM - eBay has reportedly laid off over 30% of its Web3 team, according to NFTgators. - The layoffs come roughly 18 months after eBay acquired KnownOrigin, a UK-based #NFT marketplace. - KnownOrigin's team and intellectual property became part of eBay's #Web3 division. - The reported departure of key Web3 team members has led to speculation about eBay reconsidering its involvement in the NFT market. - Further, the relationship between eBay and KnownOrigin has allegedly deteriorated. - Sources reveal internal dissatisfaction within eBay, with employees attributing the layoffs to a lack of leadership and strategy. - Criticisms extend to the qualifications of the current head of Web3 and eBay's strategy team. - With the reported upheaval in the Web3 team, eBay has reportedly halted its digital art plans. Image: Forbes

📢 Attention Former eBay Employees! In light of recent layoffs at eBay, and other companies, we understand the challenges you may be facing. Our team is here to help you navigate through potential employment rights violations and ensure you receive what you're owed. Were you laid off recently? Discover if your employment rights were violated. Find out if you are owed money. How we can help: Free consultation to assess your situation. Legal experts ready to answer your questions. Guidance on potential compensation. 📞 888-739-3092 📲 www.LFECR.com  🔗 Article Link: https://bit.ly/498ZZRu Don't navigate this alone – our team is dedicated to supporting you during this challenging time. Share this post with someone who might need assistance. #EmploymentRights #LaidOff #LegalSupport #JobLoss #EmployeeAdvocacy #eBayLayoffs #JobSecurity

eBay is set to cut 1,000 jobs, constituting about 9% of its full-time workforce, as part of a restructuring plan, according to an announcement by CEO Jamie Iannone. The move is aimed at aligning teams and consolidating certain functions to improve the overall customer experience. Iannone cited a "challenging macroeconomic environment" as a contributing factor. Additionally, the company plans to scale back contracts with its "alternate workforce" in the coming months. This follows a trend in the tech industry, with Google and Duolingo also announcing layoffs in the early months of 2024. #ebay #jobsinebay #jobrole #eBayStore #eBayseller #eBayStore #WorkForceReduction #TheSocialTalks

Today’s BTBJD: I hit my 15th year with eBay today. It’s wild to think back on my former self, entering my first day of training in Building 1 at the old Draper eBay Campus. I had just graduated with a Bachelor’s Degree in Theatre Arts, with an emphasis in Wig and Makeup Design and theaters across the US were closing midst the recession. I made the decision to try to find a job back in my customer service roots, so my partner Adam could have his turn finishing his degree. There were many things I needed as the primary income earner for our family: benefits for myself, my partner and our one year old child. Schedule flexibility, I needed to work nights so Adam could finish school during the day. Good pay and not too long of a commute. There weren’t many places hiring that fit all of those requirements and I almost took a different offer for less pay without a benefits package. Thankfully, I decided against it as I was still waiting to hear back from eBay. June 29th 2009 I got a call letting me know someone had dropped out of a training class starting July 6, wondering if I was still interested. I most definitely was and took a swing shift, working both weekend days. At first it was just a job, something to do until I could get back into my actual profession of technical theater. Over time, that changed. I became fascinated with fraud detection and risk mitigation. I learned more about running a customer service business and what it meant to care about customer experience. And I became a leader, one that was unique because it was and still is me leading as my authentic self. To any reading this who I’ve crossed professional paths with over the last 15 years, I merely want to offer my thanks. I learned a lot about myself, about life and about work because of people like you. Here’s to more growth, more connection and more showing up as the people we are, rather than the people we pretend to be.

eBay's Strategic Shift: Layoffs in NFT Marketplace and Web3 Division 🌐💼 eBay, the renowned e-commerce giant, has recently initiated a significant reduction in its workforce, particularly impacting its NFT marketplace KnownOrigin and broader Web3 division. The layoffs have affected 30% of the staff dedicated to these innovative sectors, signaling a potential reevaluation of eBay's venture into the digital collectibles and Web3 space. Acquired in June 2022, KnownOrigin was expected to mark eBay's ambitious entry into the then-burgeoning world of NFTs and digital collectibles. However, the recent layoffs raise questions about the future direction of eBay's Web3 initiatives amidst a changing market landscape. Despite the initial enthusiasm, the NFT market has seen a notable decline, with a significant downturn in demand and valuation of digital collectibles since its peak in 2021. This market volatility has led eBay to reassess its strategy, culminating in the recent workforce reduction. The layoffs, which include the departure of key personnel such as the business and strategy officer Stef Jay, reflect broader challenges and uncertainties within the company regarding its digital asset ventures. The decision to reduce the Web3 team size comes at a time when tech companies worldwide are reorganizing and downsizing in response to economic pressures and the post-pandemic market environment. eBay's move aligns with similar actions by other major firms, aiming to streamline operations and adapt to the evolving digital landscape. As eBay navigates this transition, the future of its NFT and Web3 projects remains to be seen. Will the e-commerce platform continue to explore digital collectibles, or will this mark a strategic pivot away from the once-hyped NFT market? The industry watches closely as eBay adjusts its sails in the unpredictable waters of digital commerce and technology innovation. #eBay #NFTMarketplace #Web3 #DigitalCollectibles #TechLayoffs

With the recent news of layoffs, including 1,000 laid off from eBay, it's important to know that you're not alone. Fortunately, a community of volunteers is here to help. Our free program offers time-tested resources, training, and support to help you find a good job. You never have to search alone. Check out the links in the comments to learn more. #neversearchalone #jobsearch #ebay

As eBay reconsiders its position in the digital collectibles market, the future of its NFT and Web3 projects is uncertain. This development raises questions about whether eBay will continue its exploration of digital collectibles or if this signifies a strategic withdrawal from the NFT market. The industry is keenly observing how eBay will navigate these changes, reflecting on the broader implications for digital commerce and technological innovation in the face of market volatility and economic shifts. #eBay #Web3 #NFT #DigitalEconomy #TechNews

In a strategic move responding to economic challenges, E-commerce giant eBay is set to part ways with around 1,000 employees, constituting 9% of its #workforce. The company, acknowledging a need for alignment between headcount and #business growth, also plans to trim #contract roles in the coming months. CEO Jamie Iannone addressed the situation candidly, stating, "While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business." eBay's decision comes in the wake of several organizations, including Google, Amazon, Discord, and others, announcing #jobcuts in January 2024. Despite posting $2.5 billion in revenue and $1.3 billion in profits in Q3 2023, eBay provided a cautious Q4 guidance, citing a perceived decline in consumer spending. Notably, the company earned $2.2 billion from the sale of its equity in Adevinta last year. The move also follows eBay's recent controversies, including settling a corporate cyberstalking case for $3 million and facing accusations from the Department of Justice regarding environmental and public health concerns related to its product offerings. #eBay #BusinessNews #Layoffs #EconomicUpdate

📉 eBay is laying off 1,000 employees, about 9% of its staff 📉 ⭕ #eBay is cutting 1,000 roles, about 9% of its full-time employees, the company’s CEO ⭕ The company also plans to scale back its contracts with its “alternate workforce” in the coming months CEO Jamie Iannone cited the - “challenging macroeconomic environment” ⭕ The eBay action is the latest round of #layoffs to hit the tech industry in the first month of 2024, after an already difficult 2023 for the sector ⭕ Almost 11,000 tech employees have been laid off at 63 companies so far in 2024, according to data from layoffs.fyi. https://lnkd.in/gf_EtNmR

To my former colleagues at eBay who are affected by recent layoffs, I'm sorry to hear that... Having recently accepted redundancy here's how can I help: ⚙ once you get over the shock and start processing it a bit, if you need help with forming a plan let me know 🕸 is there anyone in my network you'd like an introduction to? DM me 🛠 use TEAL HQ app to manage your CV, opportunities and work search - referral link in comments mind yourselves, lean into your support systems & ask for help. #redundancy #worksearch