LinkedIn axes 10% of workforce
Despite recent funding boost
7 November 2008 16:26 GMT / By Katie Scott
It may have just received £14.3m or $22.7m in new funding but business orientated social networking website, LinkedIn, isn't taking any chances in the present economic climate.
The team behind the website is going to be slashed by 36 positions, which is around 10% of the overall workforce.
The move has taken commentators by surprise as LinkedIn only recently won massive investment from Goldman Sachs, The McGraw-Hill Companies and SAP Ventures.
The £14.3m investment followed the £33m or $53m funding which was secured from a group led by Bain Capital Ventures in June.
According to Media Week, LinkedIn now has more than 30 million professionals signed up despite only launching in December 2003.
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