Substack, the newsletter start-up that has attracted prominent writers including George Saunders and Salman Rushdie, laid off 13 of its 90 employees on Wednesday, part of an effort to conserve cash amid an industrywide funding crunch for start-ups. The New York Times reports: Substack’s chief executive, Chris Best, told employees that the cuts affected staff members responsible for human resources and writer support functions, among others, according to a person familiar with the discussion. The cuts are a blow to a company that has said it was opening up a new era of media, in which people writing stories and making videos would be more empowered, getting direct payments from readers for what they produce instead of being paid by the publications or sites where their work appears.
Mr. Best told employees on Wednesday that Substack had decided to cut jobs so it could fund its operations from its own