Edtech platform MasterClass cut 20% of workforce amid worsening environment MasterClass CEO David Rogier said the decision was taken to "adapt to the worsening macro environment and get to self sustainability faster" strong EdTech | layoff IANS | New Delhi Last Updated at June 23, 2022 13:36 IST ALSO READ Top Headlines: IMF's prediction, GST Council recommendations, and more Edtech platform Unacademy lays off 2.6% employees due to poor performance Elon Musk turns to his earlier playbook as Tesla girds for job cuts Vedantu lays off 424 employees as it expects a scarcity of capital Mass shooting wave rattles communities large and small in US: Report As edtech platforms continue to lay off employees in India, US-based celebrity-driven learning provider MasterClass has announced it is reducing its workforce by 20 per cent. MasterClass CEO David Rogier said the decision was taken to "adapt to the worsening macro environment and get to self sustainability faster". The layoff impacts nearly 120 people across all teams from its 600-strong workforce. "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. He said that this very tough step will "strengthen our position both financially and strategically, allowing us to serve our members, employees and instructors for many years to come". The edtech company, which was last valued at $2.75 billion, has pledged to provide healthcare to affected employees through the end of the year, reports TechCrunch. MasterClass made remote education with aspirational content (entertainment) available from celebrities such as Serena Williams and Issa Rae. MasterClass raised more than $460 million from investors including IVP, NEA and Owl Ventures. Even former Chess World Champion Garry Kasparov launched a "MasterClass for chess lovers" platform. MasterClass charges a $180 annual subscription fee for people to access its library of content. In India, edtech platforms have laid off more than 3,600 employees to date. Overall, nearly 10,000 workers have lost their jobs in the Indian startup ecosystem in the last 2-3 months. --IANS na/ksk/ (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and p . Digital Editor Read our full coverage on EdTech First Published: Thu, June 23 2022. 13:36 IST PREVIOUS STORY NEXT STORY.