Mr. Best told employees on Wednesday that Substack had decided to cut jobs so it could fund its operations from its own revenue without raising additional financing in a difficult market, according to the person with knowledge of the discussion. He said he wanted the company to seek funding from a position of strength if it decided to raise again. In his remarks to employees, Mr. Best said the company’s revenues were increasing. He noted that Substack still had money in the bank and was continuing to hire, albeit at a slower place, the person said. Mr. Best said the cuts would allow the company to hone its focus on product and engineering. Months earlier, Substack scrapped a plan to raise additional funding after the market for venture investments cooled.
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