White House-Linked Oscar Health Laying Off 5% of Staff

Oscar Health, a health insurance startup that has raised over $1 billion from investors including one closely tied to the White House, said it was laying off around 5% of employees.

“All of us, members of Oscar and everyone else, are experiencing profound uncertainty around our health, and our economic circumstances,” wrote founder and Chief Executive Officer Mario Schlosser in a LinkedIn post. “Our choices were a balance between what was needed to hit our company goals, with bringing the budget in line with our worst case scenario modeling.”