---
schema_version: "secwatch.filing_event.v1"
accession: "0001647639-23-000006"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2023-01-31T23:59:59+00:00"
generated_at: "2026-06-20T05:26:59.778169+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Upstart announces 20% workforce reduction, expects $57M cash savings

## Summary
- Reduction of ~365 employees (20% of workforce); suspension of small business loan product until macro improves.
- Estimated $15M in severance and benefit charges; $3M non-cash reversal of stock-based compensation.
- Expects ~$57M cash savings in operating expenses over 12 months and $42M non-cash SBC savings through 2025.
- Charges and cash expenditures mostly incurred in Q1 2023; plan designed to reduce costs and return to profitability.

## SEC filing metadata
- accession: 0001647639-23-000006
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2023-01-31T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000006/0001647639-23-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000006/upst-20230131.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001647639-23-000006
- JSON: https://secwatch.observer/filing/0001647639-23-000006.json
- Plain text: https://secwatch.observer/filing/0001647639-23-000006.txt

## Key facts
- Restructurings & Charges
  Upstart Holdings, Inc. announced a restructuring with charges of approximately $15 million in total charges (approximately 20%, or approximately 365 employees).
  - Type: restructuring
  - Charge: approximately $15 million in total charges
  - Headcount: approximately 20%, or approximately 365 employees
  source text: The January 2023 Plan involves a reduction of Upstart’s current workforce by approximately 20%, or approximately 365 employees. Upstart estimates that it will incur approximately $15 million in total charges in connection with the January 2023 Plan.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000164763923000006/0001647639-23-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.