Israeli company eToro is laying off 6% of its workforce

Israeli online trading platform eToro announced that it was cutting 6% of its workforce. The company has 1,700 employees, which means it is laying off about 100 employees, including 55 from its offices in Israel.

eToro also announced that it has mutually agreed with Fintech Acquisition Corp. of Betsy Cohen. V (Nasdaq: FTCV) to terminate their SPAC merger agreement, which was to be completed at a company valuation of $8.8 billion.

eToro was founded in 2007 by brothers Yoni and Ronen Asia and David Ring. Yoni Asia is also the 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 drop 76% since listing on the Nasdaq last year.

eToro said: “Due to 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% to ensure long-term sustainable growth We will provide assistance to those employees who are forced to leave to support them in their next career steps.

“Over the past 15 years, we have successfully dealt with many market situations and emerged from them stronger and more experienced. We are confident in our long-term growth strategy and the future of eToro. The company continues to operate through its business strength and large financing. Thanks to our global deployment and the range of services and products we offer and our social network, we are well positioned to continue to grow.”

Posted by Globes, Israeli Business News – – on 07/05/2022

© Copyright by Globes Publisher Itonut (1983) Ltd., 2022.

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