Gitlab is in Trouble and Its Shares Have Collapsed
Down almost 80% since it began
A bubble deflated.
This morning we wrote about the latest spin (not spinoff) from Gitlab, a company that had amassed plenty of debt, laid off a ton of employees, paid back its debt, and is now laying off many more employees based on false pretexts (it's the typical GAFAM-esque "investing in hey hi" catch-all excuse). They try to brush it off as mere "restructuring", the shares have collapsed (shareholders are not buying the story), and to quote one report: "Currently, the company employs more than 2,500 people across more than 65 countries on a fully remote basis. SiliconRepublic.com has reached GitLab for information on the impact of the layoffs on Ireland-based employees. [...] The latest cuts come after GitLab laid off around 130 workers in 2023 to “withstand the growing global economic downturn”."
In this case, Suhasini Srinivasaragavan of Silicon Republic helps perpetuate the lies about "hey hi". Shallow, lazy stenography.
The real issue has nothing to do with slop, it is a lack/loss of customers and erosion of the company's theoretical "value" (in case it gets acquired by a much larger company, which is probably what it aimed for all along). █