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To say Zenefits has had a tumultuous year would be an understatement, but through all of its chaos — three CEO changes in just 12 months, multiple regulatory fines, rebranding schemes — there seemed to be a glimmer of hope that the HR startup would overcome its limitations and saddle up as the golden child of Silicon Valley once again.

That glimmer is all but fading, especially with the most recent news: Zenefits will let go approximately 430 employees. That’s a 45 percent cut to its staff, the largest round of layoffs yet.

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