, a fateful decision announced just days before corporations around the globe curtailed business travel amid the developing coronavirus pandemic.
TripActions was especially vulnerable to the rapidly changing economic landscape many startups are just now coming to terms with because of its heavy reliance on business travel and startup customer base. The startup skyrocketed to unicorn status in near-record time, and aggressively expanded into new categories like banking that required larger investments for even larger returns.
Layoffs have come to Silicon Valley in droves for the smallest startups all the way to household names. . Even public companies are not immune, with tech giants like Google implementing promotion freezes and newer entrants like Uber halting new hires. As expected, the surge in newly unemployed Silicon Valley workers has led to new forums, message boards, and apps crowdsourcing new employment opportunities.