Ticketing company Eventbrite fires almost half of its employees and wants to, in combination with other cost savings, reduce it's annual spending with $100 million. That was announced by CEO Julia Hartz.
The corona virus has caused a massive disruption in the live entertainment industry, forcing Eventbrite to intervene drastically to navigate the company through this crisis, the company said in a press release. Hartz herself and her executive team will also contribute and reduce their salaries as a gesture to the employees.
The COVID-19 pandemic has caused massive disruption to the live entertainment and experiences economy and we are taking significant action to navigate this unprecedented time.
Over 1,000 employees work at the listed company (NYSE: EB). Eventbrite has offices in 14 countries. The share price of Eventbrite shares closed 10% higher after the announcement of the reorganization.