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SoundCloud Will Lay off 40% of Employees & Close San Francisco & London Offices

SoundCloud has announced in its official blog that it will be cutting off 40% of its employees. While its headquarters in Berlin and New York will stay open, the streaming giant will be shutting down its offices in San Francisco and London. “We need to ensure our path to long-term, independent success,” co-founder Alex Ljun penned in an official statement. “And in order to do this, it requires cost cutting.” The company currently has 420 employees and will be laying off 173 of them.

SoundCloud has been experiencing a tough year — the company announced that there is a possibility that it would have run out of money before the end of 2017 back in January, before receiving a $70 million credit line from investors to prevent collapse, because the company was losing a lot of money. Back in 2016, Spotify allegedly in talks to acquire the music platform. New York Post reports that tech giants including Apple, Google and Deezer are interested in buying the company. Learn more about the details via SoundCloud’s blog.