BuzzFeed is looking to layoff 250 people or 15% of its staff, according to a report in The Wall Street Journal.
The drastic slashing of staff by the digital site is said to get expenses inline with revenue. While it is probably too early to attribute to the revenue shortfall to the debunked “exclusive” the native publisher ran last Friday.
The site’s alleged “bombshell” that President Trump’s told his one-time lawyer to lie to Congress on whether Trump was building a skyscraper in Moscow.
It’s unclear at this time if advertisers have pulled their ads over the egregious story and management and the site’s investors are being proactive or cautious to future revenue declines because of the story.