Personal finance site Investopedia.com plans to lay off one third of its staff, reports Graham Rapier of Markets Insider.
Rapier reports, “In a New York State WARN notice dated July 31, the company said the firing of 36 of the financial encyclopedia’s 96 employees was due to economic reasons and that the employees were not unionized.
“IAC’s stock price was down about 0.4% in pre-market trading Friday.
“In an email to Business Insider, Neil Vogel, CEO of IAC brand Dotdash, said the layoffs were due to Investopedia’s merger with the former About.com brand.
“‘Investopedia has joined the Dotdash family of brands, bringing together two of the fastest growing scaled properties online, with revenue up 50 and 60 percent respectively for the first six months of the year,’ he said. ‘With Investopedia’s audience of financial professionals and students and The Balance’s audience of millennials and women, Dotdash has created a clear market leader in the finance space and is well positioned to serve a broad range of consumers and financial advertisers. Though it’s always difficult to say goodbye to colleagues and friends, these changes allow us to increase our focus on our core media businesses and better position the company for the future.'”
Read more here. According to the notice, the layoffs will begin on Nov. 1 and end in March 2019.
