Discord Announces Layoffs of 17% of Workforce Amid Rapid Growth

CEO Jason Citron cites inefficiency due to rapid expansion as the reason for the layoffs, as Discord aims to become profitable.

Discord, the popular messaging app, is laying off 170 employees, which is about 17% of its workforce.
CEO Jason Citron blamed the layoffs on the company's rapid growth and head count increases, stating that the company took on more projects and became less efficient.
Discord's layoffs follow a trend of major tech firms making sweeping layoffs this week, including Google, Amazon, and Twitch.
Despite the layoffs, Discord is reportedly not in financial trouble and has more than $700 million in cash on its balance sheet.
Discord has grown five times its size since 2020 and is still trying to become profitable.