Israeli online trading platform eToro has announced that it is laying off 6% of its workforce. The company has 1,700 employees, meaning that it is shedding about 100 employees including 55 from its offices in Israel.
eToro has also announced that it has mutually agreed with Betsy Cohen’s Fintech Acquisition Corp. V (Nasdaq: FTCV) to terminate their SPAC merger agreement, which had been due to be completed at a company valuation of $8.8 billion.
RELATED ARTICLES
eToro SPAC merger likely to be canceled
eToro SPAC merger valuation cut 15%
eToro was founded in 2007 by brothers Yoni and Ronen Assia and David Ring. Yoni Assia serves as CEO. The company’s platform allows users to invest in a range of stocks, commodities, indices and cryptocurrencies. Among eToro’s rivals is Robinhood, which laid off 9% of its workforce in April and has seen its share price fall 76% since listing on Nasdaq last year.
eToro said, “Due to the current market conditions and after a period of rapid growth, we have decided to take a more balanced approach in the current period between growth and profitability. Accordingly, we have taken the decision to reduce our workforce by 6% in order to ensure long-term sustainable growth. We will provide assistance to those employees who are forced to leave in order to support them in their next career steps.
“Over the past 15 years, we have successfully coped with many market situations and come out of them stronger and more experienced. We are confident in our long-term growth strategy and in the future of eToro. The company continues to operate through its business strength and high financing. Due to our global deployment, and the range of services and products that we offer, and our social network, we are well placed to continue to grow.”
Published by Globes, Israel business news – en.globes.co.il – on July 5, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
