So they had:<p>lay-offs 2 years ago<p>Switched tech stacks 11 months ago to among other things be able to hire more devs<p>Acquired Pry for $90 million 6 months ago<p>Were tossing out long standing customers 4 months ago<p>and now they're having lay-offs again.<p>Quite the ride...
This honestly seems like an example of how to handle layoffs well. After the repeated messes of Better, the non-layoff layoffs at Meta, and a bunch of smaller examples over the last year and a half, it's actually nice to see them handled well.<p>They always suck, but being transparent, ripping the band-aid off, and giving the people laid off as much support as possible is the way to go. They're also far enough from the holidays that people can still job search, but close enough that most people in tech could eat a few weeks of savings to take an extended holiday. Don't know if that was deliberate, but it seems well timed
It's a good racket if you can pull it off. Start some kind of "disruptive" company, raise a shitload of money off being 6 foot 4, hire 1,000 people to "disrupt" shit (they don't even have a banking charter!), cash out tens of millions of dollars at the Series D, write a tearful mea culpa when it all falls apart, buy the estate in Hillsborough and the Bentley Continental and try it again in five years.
> Equity: For those with less than one year at Brex, we’re waiving the equity cliff. For those with options, we’re offering to extend the exercise period to seven years.<p>I wonder how they could have arrived at "seven." Why not go with the max allowable of ten? This seems a bit miserly in an otherwise pretty decent package.
Sucks for those who were affected but when Brex pivoted from small businesses to well funded startups and shut down 10s of thousands of accounts, I think the market lost all trust. Ramp & Mercury provide way more value now. Absolutely no reason to use Brex anymore.
I think they also pivoted from doing individual cards to just corporate. I had a Brex account and card and they ended up closing all that off. I never got around to using it. I did find Mercury Bank to be pretty good for a business account FWIW.