Instagram influencer Sharan Hegde: I just laid off 15% of my workforce and I …

Instagram influencer Sharan Hegde has announced a 15% reduction in his company’s workforce as part of a cost-cutting initiative. Hegde, the founder and CEO of 1% Club, a financial education platform, stated that this is the first layoff exercise since the company’s beginning in 2022. The decision comes as the company shifts its focus towards implementing AI-driven cost savings. This announcement follows an anonymous Reddit post by an alleged employee claiming that around 40 employees were laid off. Hegde’s statement confirms the layoffs while highlighting the company’s financial stability and its commitment to utilising AI for greater efficiency. Hegde, who boasts over 2.7 million followers on Instagram, also emphasised that the company’s expansion, including its Mumbai office, was fully funded by profits. He also clarified that Rs 10 crore in investor funds remains untouched in a fixed deposit account.