In a blog post, CEO Vlad Tenev described the company’s last two years as hyper growth accelerated by several factors including pandemic lockdowns, low interest rates, and fiscal stimulus. To meet customer and market demands, headcount grew by almost 6X from 700 to nearly 3800 in that time period. But like any company, with growth like that comes more job openings to manage that growth, which then ended up with some roles and job functions that were duplicated, he wrote.