Leaked memo reveals a sports media startup just laid off 22 people without severance or healthcare into the teeth of the coronavirus pandemic — unless they signed an NDA
Overtime has raised $35.3 million in seven rounds of funding to date. Company investors include Andreessen Horowitz, Spark Capital, and NBA players Kevin Durant and Carmelo Anthony.
According to internal documents seen by Business Insider, Overtime only agreed to give laid-off employees one month of health insurance if they agreed to sign a nondisclosure agreement. The company that strove to be the "ESPN for Generation Z" just laid off nearly two dozen workers without severance pay in the thick of the worsening coronavirus pandemic.
An internal document seen by Business Insider reveals that the company offered one month of health insurance only to employees that signed a nondisclosure agreement about the layoff. Employees did not receive additional payment as part of any severance package. Overtime CEO Dan Porter said the economic recession caused by the novel coronavirus had led to less revenue, and that the company had lost money due to theOvertime has raised $35.3 million in seven rounds of funding, including a $23 millionOvertime's investors include Andreessen Horowitz, Spark Capital, and Sapphire Ventures, as well as NBA players Kevin Durant and Carmelo Anthony.
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