Zoom lays off 1,300 employees, CEO takes 98% pay cut

Zoom Video Communications will lay off 15% of its workforce, or about 1,300 employees, CEO Eric Yuan said in a blog post. Citing the "uncertainty of the global economy", Zoom's CEO called the layoffs a "tough but necessary decision". He added, "I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus."