Zillow to lay off over 500 employees

Zillow announced Tuesday it will lay off more than 500 employees as it restructures the company.

In a blog post, Zillow CEO Jeremy Wacksman said if the company will continue to grow at scale, it needs to eliminate some positions and make changes to its organizational structure.

“These changes are about ensuring we have a disciplined cost structure and getting more efficient, with the right people in the right positions,” Wacksman wrote.

The cuts represent about 7% of the Seattle-based real estate company’s roughly 7,000-person workforce, according to the workforce data and analytics company Revelio Labs.