Jasper AI laid off an undisclosed number of employees in July 2023, less than 9 months after raising $125M at a $1.5B valuation, as ChatGPT competition eroded demand for its AI writing tools. The company also revised its 2023 ARR forecast down by at least 30% and cut its internal valuation by roughly 20%. Co-founder and CEO Dave Rogenmoser stepped down in September 2023 and was replaced by former Dropbox president Timothy Young.