Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO's memo to employees
Publishing timestamp: 2023-10-19 16:41:41
Summary
Digital freight broker Convoy is shutting down operations due to a "massive freight recession." This comes after supply chain software startup Flexport announced layoffs. Convoy had raised $260 million at a $3.8 billion valuation just 18 months ago. The company faced challenges in the freight market and contraction in capital markets, leading to its closure.
Sentiment: NEGATIVE
Tickers: AMZN, HTGC, MSFT, JPM,
Keywords: amazon.com inc, breaking news: technology, start-up, dan lewis, technology, venture capital, hercules capital inc, business news,
Source: https://www.cnbc.com/2023/10/19/bezos-backed-freight-firm-convoy-shuts-down-read-ceo-memo-here.html