And the Award of 'Best Piece of Shit Company' goes to... Carvana!
They laid of 2,000 employees over a zoom call and also have a stock which is down nearly 205% YTD...
Recently Carvana has experienced an extreme amount of turmoil as their stock is currently down ~205% YTD. Following the trend of things being down, Carvana laid off 12% of its workforce yesterday as well.
A company-wide email was sent at roughly 7:30 am informing the employees that they will have their jobs cut but not specifically who would be affected. The majority of those fired were in operational positions and were made aware that they are now unemployed via a pre-recorded zoom video. The pre-recording assumption comes from ex-employees but Carvana strongly denies it.
"Saying goodbye to any team member is not a decision we take lightly and we aim to be transparent, thoughtful, and supportive throughout this process, including providing meaningful assistance, resources, and support to impacted team members. We believe these decisions, while extremely difficult, will result in Carvana restoring a better balance to our operations and facilitate the company returning to efficient growth on its mission to change the way people buy and sell cars."
A Carvana spokesperson told Engadget.
In a general sense, Carvana is a piece of shit company. They found early success during the pandemic but then during its Q1 earnings call reported a $260 Million net loss all while being in a time when the used car market was overinflated by nearly 14%. Talk about missed opportunities…
"Recent macroeconomic factors have pushed automotive retail into recession. While Carvana is still growing, our growth is slower than what we originally prepared for in 2022, and we made the difficult decision to reduce the size of certain operations teams to better align with the current needs of the business."