Thumbtack CEO Marco Zappacosta revealed in a post today that the company has laid off 250 employees

. Much has been written about the effect that COVID-19 and the resulting social distancing/shelter in location steps are having on small businesses (and the actions that internet platforms like Facebook and Yelp– which, after all, make money from small businesses advertising– are taking to assist ). Likewise, Zappacosta said the regional services that Thumbtack showcases in its marketplace are likewise seeing anything from a” dramatic decline”to an “straight-out collapse. ” Apparently the business’s organisation has actually fallen 61%in San Francisco, 55%in Detroit and 50%in New York City City. Thumbtack raised a$150 million round of financing last year, but Zappacosta stated,”No company runs with enough of a buffer to sustain prolonged profits decreases of 40 %+without making transformations.”Those changes include lowered marketing, a working with freeze and 25%wage decreases for executives.(Zappacosta stated he will not

take any salary at all, beginning today.)And it likewise includes huge layoffs. Laid off employees will receive a severance package with both “money and equity elements,”Zappacosta said. He likewise stated Thumbtack is doing what it

can to assist its company, such as”developing functions that support more remote deal with clients– like video consults for a sink replacement that would usually be done onsite.” Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.