Confirmed: Paul Allen's Vulcan lays off 50 workers |
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Confirmed: Paul Allen's Vulcan lays off 50 workers
Paul Allen
Last night, TechFlash reported that layoffs were coming at Paul Allen's private investment company Vulcan. Today, about 50 workers at the private company of the software billionaire were told that they no longer have jobs.
Allen spokesman David Postman said Vulcan is eliminating and postponing certain projects, though he declined to say which ones. Postman said it was a "tough decision" since many of the workers are part of a close knit group,. But, he added that Allen -- who was ranked the 41st richest person the planet by Forbes last year -- is susceptible to the problems in the economy. "We are not immune," he said.
Vulcan Real Estate -- which manages Allen's vast holdings in the South Lake Union neighborhood -- was not affected by the lay offs. And Postman stressed the company continues to push forward with projects in the neighborhood, including a new campus for Amazon.com.
It is unclear what impact the decision will have on many of the startup companies that Allen has bankrolled over the years. Postman declined to comment when asked if the venture capital practice has been scaled back.
About two months ago, Vulcan restructured its private equity division, laying off about a dozen workers. The Microsoft co-founder also is a major shareholder in Charter Communications, a cable and Internet service company that today missed $73.7 million in interest payments.
Postman said the problems at Charter are unconnected to the layoffs today at Vulcan.
The layoff accounts for about nine percent of Vulcan's staff. It does not impact Allen's other interests, including his sports teams, museums and the Allen Institute for Brain Science. Allen's holdings are vast, from mansions to yachts to positions in oil and gas companies.
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