Digital news startup The Messenger is to lay off approximately two dozen employees this week.
A source said the move comes amid financial challenges and a search for additional funding.
The decision is part of a cost-cutting effort prompted by diminishing cash reserves.
Read More: Nike Will Cut Workforce In 2024 After Sales Drop
The source said the company grappling with the tough conditions of the digital advertising market.
The Messenger said it was “in the midst of a second-round raise,” but a statement did not mention the impending job cuts.
The company has around 300 employees and specializes in publishing articles covering politics, culture, and general-interest news.
Richard Beckman, former president of The Messenger and a seasoned executive from Condé Nast, announced his departure, citing “short-term health issues.”
Looking to boost your online brand? Create your FREE business profile at WhatBiz? here.
Beckman, a key early hire by Jimmy Finkelstein, the founder of The Messenger and a longstanding media executive, played a significant role in the company’s early stages.
Finkelstein launched The Messenger last year with ambitious plans to impact the digital media industry substantially.
He expressed hopes of attracting 100 million monthly unique viewers by the end of 2024.
Additionally, he aimed for the company to generate over $100 million in annual revenue, positioning it alongside major national competitors.
