Note: This article may contain commentary reflecting the author's opinion.

The rapid decline of the once-prominent website BuzzFeed reached another mile marker before the freeway ends on Tuesday when the company said it would lay off approximately 12% of its workforce.

The announcement heralds the latest implosion of the once massive left-leaning outlet that published the thoroughly debunked Steele Dossier which falsely alleged ties between former President Donald Trump and Russia in January 2017.

The dossier was later revealed to be political opposition research, and its publication badly damaged the reputations of BuzzFeed and dozens of other outlets.

Buzzfeed founder and CEO Jonah Peretti wrote in a notice to the now-former employees, that he blamed the move on “a combination of worsening macroeconomic conditions,” according to CNN. Peretti also cited changes in how audiences consume media as well as “an ongoing audience shift to short-form, vertical video.”

He wrote,

“The reduction in workforce plan is intended to reduce the Company’s costs in response to a combination of factors, including (i) challenging macroeconomic conditions; (ii) completing the integration of Complex Media, Inc. d/b/a Complex Networks and eliminating redundancies where they exist in both functions and teams; and (iii) an ongoing audience shift to short-form, vertical video, which is still developing from a monetization standpoint. The Company expects to substantially complete the workforce reduction plan by the end of the first quarter of 2023.”

Reports indicate that at least 180 employees have been impacted across Buzzfeed’s sales, technology, content, and production teams in its Buzzfeed and Complex divisions a spokesman told CNN. The media conglomerate added that there have been no cuts to its Tasty food brand, BuzzFeed News, or HuffPost divisions. BuzzFeed acquired HuffPost in November 2020.

The Buzzfeed CEO told the employees being laid off just weeks before Christmas that the layoffs did “not reflect on the good work the affected employees have done over the years to build our company and our brands.”

“In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023,” Peretti explained, “we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure.”

“I know that there’s nothing I can write here to make this easier for anyone losing their job today,” he added. “While I believe in the strategy we’re pursuing, and know it’s necessary to navigate the challenging year ahead, that’s no comfort if you are directly affected.”

CNN reported that Peretti says moving forward, he wants to invest “in areas that will drive growth” building  “a more robust creator business.”

If Trump were president, do you think that Chinese spy balloon would still be flying?*
This poll gives you free access to our premium politics newsletter. Unsubscribe at any time.
This field is for validation purposes and should be left unchanged.

BuzzFeed’s stock price has fallen to a record low of $1.07 per share as of this report according to Axios, a loss of approximately 90% of its value over the last year.