Zoom to lay off 1,300

Zoom is laying off 1,300 employees, equating to around 15% of its staff.

CEO Eric Yuan said he and other executives would take a significant pay cut, as well.

“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today – and I want to show accountability not just in words but in my own actions,” he said. “To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my (fiscal 2023) corporate bonus.”

Read more from CNN Business.