eBay to cut 500 employees worldwide

eBay, the world's largest online auction and online shopping platform, announced that it plans to lay off 500 employees worldwide, representing about 4 percent of the company's workforce.

According to Reuters, eBay submitted a report to the U.S. Securities and Exchange Commission. All affected employees will receive severance pay and bonuses.

Jamie Iannone, eBay CEO, attributed the decision to the macroeconomic situation in the world and added that the company needs to show further growth, and the decision will facilitate that.

“Importantly, this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape,” Iannone was quoted by Cnbc.com as saying.

Large-scale reductions are planned in the well-known messenger Zoom as well. The head of the company, Eric Yuan, said in his blog that the company plans to cut 1,300 employees, which is about 15% of the total number of employees.

A number of IT companies have been cutting their workforce in recent months. Google recently announced it would lay off 12,000 employees. Microsoft also announced plans to cut up to 11,000 jobs. Amazon plans to cut more than 18,000 jobs, and HP will cut between 4,000 and 6,000 jobs over the next three years.

There have also been layoffs at Meta, Oracle, Twitter and several other companies. Twitter laid off more than 2/3 of its employees. International Business Machines (IBM) and Lam Research have also announced plans to cut employees, and together they plan to cut a total of 5,200 people.