Catherwood LibraryILR School

Dropbox, a cloud service used to share and store files, announced earlier this week that it will cut twenty percent of its workforce. The company is conducting layoffs due to slowing growth in various divisions, including the cloud storage division. The layoffs will reduce Dropbox’s headcount by 528 workers, and the company had already previously cut 500 employees in 2023. Dropbox is also focused on increasing the efficiency of the company’s organizational structure and will transition its primary focus to newer products and services. All affected workers will receive sixteen weeks of severance pay, and more experienced employees will receive more, as Dropbox will provide an additional week of pay for every year worked. Laid-off employees will continue to have their quarter 4 equity vesting and will be able to keep company devices for personal use.