Chessable lays off 29 employees citing 'new economic reality'

The flagship product of the Play Magnus Group is facing economic headwinds after it let go 29 employees to try and reach an economic equilibrium. It is not a good sign for the health of the online chess ecosystem in an already turbulent financial world.

A blog post authored by Chessable’s CEO went live earlier today announcing the layoffs of 29 employees of the company. The decision impacted both full-time and part-time employees. Though the decision was made on June 23 and the company’s goal of cutting costs was made clear in a May 24 investor presentation, the announcement of the layoffs happened today during a national holiday in the United States.

Source: https://bit.ly/3RABVio