EBay To Lay Off About 500 Employees Or 4% Of Its Workforce

(RTTNews) - In a message to employees, e-commerce company eBay, Inc.'s (EBAY) CEO Jamie Iannone said he will be eliminating about 500 employees from their jobs over the next 24 hours. This number represents about 4% of the company's total employee base.

Iannone stated that, "To create long-term, sustainable growth for eBay, we need to evolve our organization as we take the next step in our strategy — focused on driving growth, building a trusted marketplace, empowering enthusiasts and seeding new technologies for the future."

"Today's actions are designed to strengthen our ability to deliver better end-to-end experiences for our customers and to support more innovation and scale across our platform," he added.