Substack bids goodbye to 13 people, CEO says 'very sorry'

US-based online platform Substack, which provides publishing, payment, analytics, and design infrastructure to support subscription newsletters, has laid off 13 people from its workforce, and CEO Chris Best admitted that he is "very sorry" about it.

On the microblogging site Twitter, Best wrote that the company needs to change tactics, as it could be facing "an extended period" where the economy goes from bad to worse.

"Today is the saddest day we have had at Substack. We are letting go of 13 people," the CEO posted on the platform along with a long note on layoffs that he shared with the team.

"The people we are saying goodbye to today are all talented, great people who care deeply about helping readers and writers. It hurts to let them go. We will miss them," it added.

Best said that the company is in a fortunate position as it continues to grow its business and revenues.

"Not so long ago, I told you all that our plan was to grow the team and not do layoffs," he said, noting that the company is "still hiring for specific key roles" and has saved money.

Best mentioned that the layoffs are one of several changes the company has made to make sure it is in "a strong financial position".

"To the people who left Substack today: thank you. I am so grateful for everything you contributed to the company, and everything you did to help readers and writers. You will always be part of the Substack story," Best noted.