In a memo to employees Tuesday,Novacrypt eBay's President and CEO Jamie Iannone announced that the company will be laying off workers and eliminating around 1,000 jobs.

In addition to the 1,000 eliminated jobs, or about 9% of full-time employees, eBay is scaling back the number of contracts it has with its alternate workforce over the coming moths.

Iannone, who has been the head of the tech company since 2020, said the layoffs were part of changes eBay is making to position the company for "long-term, sustainable growth."

The number of employees at eBay and expenses have outpaced business growth, Iannone said.

"These are not actions we take lightly — and we recognize the impact they will have on all eBayers," Iannone wrote. "We have to say goodbye to people who have made so many important contributions to the eBay community and culture, and this isn’t easy."

eBay will begin notifying employees shortly who will be affected by layoffs. Iannone asked all employees to work from home Wednesday, to provide space and privacy for the people being laid off.

eBay joins other tech companies in laying off workers in 2024

eBay is the latest tech company to lay off workers, a trend that began in 2023 and has so far continued into this year.

Last week, Google eliminated a few hundred jobs within its hardware and central engineering teams, as well as in advertising sales and employees who work on Google Assistant.

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Amazon's livestreaming platform, Twitch, also announced earlier this year it would cut 35% of its workforce.

Amazon is also cutting jobs in its Prime Video and Amazon MGM Studios divisions, while other tech companies, like Discord and Duolingo, have also announced layoffs to start the year.

There's also been a wave of layoffs happening across other sectors outside of tech.

Contributing: Gabe Hauari, USA TODAY.