Austin, Texas-based RigUp, a workforce bidding platform for on-demand on-demand services and workers in the oil and gas and alternative energy sectors, has announced the layoff of 120+ employees as the energy sector continues to decline.
The technology-based company is an example of financial engineering where the founders are an energy investor and a specialist in private equity transactions in the energy -- with the enterprise funded by venture capitalists.
According to CEO Xuan Yong. "Based on the economic hit in oil and gas coupled with the impacts of the COVID-19 outbreak, we believe this decision was necessary to support our company’s long-term commitment to our contract workforce and the industries they serve. All departments were affected differently. However, our oil and gas-related teams were certainly hit the hardest.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?