Once named Canada’s fastest growing tech and media company, London-based Diply has laid off 40 employees from its three offices in London, Toronto and New York City.
In an email obtained by CBC News, the company’s CEO explained the layoffs are the result of “serious issues in the market.”
“Over the past few months, Diply has faced some setbacks as we’ve worked at improving what we’ve offered our users,” wrote Taylor Ablitt, a Western University graduate who co-founded the company in 2013.
The forty staff members who were let go include employees who were creating video and developing social strategy.
CBC News spoke to former employees who said Facebook’s new algorithms, which prioritize friends and families over publishers and brands, may be the reason for the cuts.
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