The Vodacom-owned company that retrenched 44% of its employees

• IoT.nxt retrenched 44% of its employees, which is not accurate according to Vodacom, but the company did undergo significant restructuring and cost-cutting measures.
• The retrenchments were part of a larger effort by Vodacom to turn around IoT.nxt's struggling business, which has been loss-making since its acquisition in 2019.
• IoT.nxt CEO Lazaros Karapanagiotidis left the company following the latest round of retrenchments, and the company's future plans are uncertain due to the significant restructuring efforts.