LinkedIn Cuts 10% Of Staff


It’s likely that the cuts were prompted by investors like Sequoia pushing for cost cutting (the VC gave portfolio companies a 56 Slide Presentation of Doom last month in light of the economic crisis). But LinkedIn isn’t about to run out of money: the company just closed a $22.7 million infusion, which came on top of a $53 million Series D round in June that pegged LinkedIn’s valuation at $1 billion.

Less than a week ago the site launched its application platform, the grown-up answer to platforms on sites like Facebook and MySpace that are overrun with games and trivial apps.