E-commerce giant, eBay has announced a plan to cut 500 jobs, a decision it says became necessary in the face of the “macroeconomic situation”, according to a US Securities and Exchange Commission (SEC) filing released by the company.

The layoffs, according to the company, represents 4% of its total workforce across the world.

eBay Chief Executive Officer, Jamie Iannone, said the shift will give the company additional space to deliver better end-to-end experiences for its customers and support more innovation and scale across its platforms. Also to continue to adapt to the changing macro e-commerce landscape.

eBay now joins the list of technology companies in a new wave of massive layoffs in the tech industry in  2023. Microsoft, Alphabet, SAP, IBM, Spotify, Amazon, Philips, Salesforce, PayPal, and other tech companies have confirmed plans to reduce headcounts in 2023.