Newsletter Startup Substack Cuts 14% of Staff as Downturn Looms

Newsletter platform Substack Inc. cut 13 jobs on Wednesday, citing a gloomy economic outlook, the company’s chief executive officer said in an email to staff.

The jobs represent 14% of the startup’s workforce, according to a company spokeswoman. Substack’s digital platform allows writers to publish free or paid newsletters, and the San Francisco-based startup collects a roughly 10% cut of the paid subscriptions. The job cuts were previously reported by the New York Times.