Niraj Shah-Led Online Furniture Giant Wayfair Lays Off 550 People, His Net Worth Down to $1.1 Billion

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Niraj Shah (Photo courtesy: Wayfair)

BOSTON—It seems growth is slowing down at Boston-based Wayfair, which was co-founded by Niraj Shah and who currently serves as the company’s CEO.

Boston Globe and other media outlets reported that Wayfair will layoff 550 people worldwide, and 350 of them from the company’s Boston headquarters. The layoff amounts to approximately 3 percent of Wayfair’s global workforce.

Wayfair has been one of the fastest growing companies in Massachusetts in recent years. Wayfair, which went public in 2014, made Mr. Shah one of the richest persons in the country. In 2018, Mr. Shah made the annual Forbes 400 billionaires list for the first time. His net worth then was valued then at $2.2 billion.

According to Forbes’ Real Time Net Worth as of Feb. 2, 2020, Mr. Shah’s net worth was $1.1 billion.

Wayfair posted a net loss of $654.4 million through the first three quarters of 2019.

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