MasterClass Fires 20% of its Employees

As edtech platforms continue to lay off employees in India, MasterClass, a celebrity-driven learning provider based in the United States, has announced a 20% reduction in its workforce. According to MasterClass CEO David Rogier, the decision was made to "adapt to the worsening macro environment and get to self-sufficiency faster."

The layoff affects nearly 120 people from its 600-person workforce across all teams.

"It was the most difficult decision I've had to make since we launched 7 years ago, because our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world," Rogier tweeted late on Wednesday.

This difficult step, he claims, will "strengthen our position both financially and strategically, allowing us to serve our members, employees, and instructors for many years to come."

According to TechCrunch, the edtech company, which was last valued at $2.75 billion, has pledged to provide healthcare to affected employees until the end of the year.

Celebrities such as Serena Williams and Issa Rae used MasterClass to provide remote education with aspirational content (entertainment). MasterClass has raised over $460 million in funding from investors such as IVP, NEA, and Owl Ventures.