EBay Layoffs

- A Barron's article released on September 15, 2008, sparked rumors of a possible mass-layoff of eBay employeesBits: Silicon Valley Layoff Watch, Is eBay Next?
- Barron's discussed eBay trading at five year low"Barron's">Barron's: Why eBay Shares Trade Near Five Year Low
- eBay announced layoffs of 10% of workers on October 6, 2008CNNMoney Ebay to Trim Global Workforce by 10% (October 6, 2008)
- eBay also bought Bill Me LaterCNNMoney Ebay to Trim Global Workforce by 10% (October 6, 2008)
- eBay is based in San Jose, CaliforniaBits: Silicon Valley Layoff Watch, Is eBay Next?

The auction website eBay announced that it will layoff 10% of its global workforce on Monday, October 6, 2008. The company said the laying off 1,000 employees was an effort to streamline its business. Additionally, eBay also announced that is was acquiring the payment business Bill Me Later for $820 million and the Danish classifieds website dba.dk for $390 million.CNNMoney Ebay to Trim Global Workforce by 10% (October 6, 2008)
Silicon Valley Layoffs
1. On September 15, 2008, Hewlett-Packard announced plans to cut 25,000 jobs over the course of three years.
2. Lehman Brothers announced plans to cut 1,300 jobs at the beginning of 2008. On September 15, the 158-year-old investment service filed for Chapter 11 Bankruptcy.
Ebay Layoffs Background

An article that appeared in the September 15, 2008 edition of Barron's sparked rumors that Internet auction house eBay will soon join Silicon Valley companies Hewlett-Packard and Lehman Brothers in mass layoffs. At the time, eBay refused to comment on the rumor, analysts estimated that the layoffs could effect up to ten percent of eBay's workforce to cut around 1,500 jobs.Bits: Silicon Valley Layoff Watch, Is eBay Next?