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sharan hegde finance content creator and 1% club ceo initiates major cost cutting exercise
In a detailed post on LinkedIn, hugely influential financial content creator Sharan Hegde has announced that he has laid off 15% of his staff at 1% Club. The decision comes as part of the company’s first major cost-cutting exercise since its inception in 2022.
Hegde is the CEO of 1% Club – a company that claims to help people gain financial independence. In his post, he noted that he has been receiving several messages from his friends and media about if he is going bankrupt, adding: “The irony is not lost on me.”
Hegde’s post comes after an anonymous post on Reddit by a person claiming to be an employee at 1% Club. The Reddit user claimed that 40 employees have been fired, highlighting that all content creators and almost all graphic designers have been laid off.
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Mistakes related to hiring and redundant expenses
Originally from Mangaluru, Sharan Hegde did his engineering in Bengaluru. He has been an employee at 2 of the Big Four companies globally, before finally taking up content creation and shifting to Mumbai, India.
1% Club is going to focus on implementing artificial intelligence-based cost savings. In his post, Hegde also clarified that the company’s expansion is being fully funded by profits. He said Rs 10 crore ($118,515) in investor money remains in a fixed deposit (FD) account.
The content creative also highlighted that if a company expands at such lightening speed, it is bound to make some mistakes related to hiring and redundant expenses. He started the company from his bedroom a couple of years ago, he mentioned.
