For the second time in less than two years, Dropbox is laying off a substantial portion of its workforce. In a blog post penned by CEO Drew Houston, the company said it would cut its global headcount by 20 percent or 528 employees.
Dropbox will provide impacted workers with up to 16 weeks of pay, with tenured employees eligible for one additional week of pay for each complete year they worked at the company. All impacted employees will also receive their year end equity vest, and the company will provide dedicated support to immigrant workers with one-on-one consultation and extra transition time.
Per a filing with the SEC, Dropbox anticipates this latest round of layoffs will cost it up to $68 million in cash expenditures. At the same time, the company expects it will recognize between $47 million and $52 million in incremental expenses related to all the severance and benefit payouts it now needs to make before the end of year and into the first half of 2025.
“As CEO, I take full responsibility
