Leaked email shows even Twitch's CEO was caught off guard by Amazon's layoffs: 'I'm disappointed to share the news this way'
Amazon acquired Twitch, a live video-streaming service, for roughly $1 billion in 2014. Clancy became Twitch's CEO in March 2023, after its founderClancy added in his email that he couldn't share more details because discussions were not complete at the time, which he said could be"incredibly frustrating." The primary reason for the job cuts, he said, was"overly optimistic" growth in cost and headcount during the COVID boom years that failed to continue as expected.
Unfortunately, we cannot share anything more specific until all of the work is complete. In the meantime, you have my commitment that we are moving as quickly as possible while still ensuring we're being thoughtful and diligent in taking care of our impacted people. Currently we expect to communicate to people impacted by this decision no later than early next week. I know this is incredibly frustrating.
As we've shared previously, our business has been impacted by this tough macroeconomic environment, and user and revenue growth has not kept pace with our expectations. We grew significantly during the COVID lockdown in 2020 and 2021 and, unfortunately, did not retain as much of this growth as we originally expected.
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