San Francisco ride-hailing giant Lyft Inc. is reportedly planning to lighten its headcount by about 700 jobs, or 13%, as it braces for bumpy economic conditions on the horizon in terms of insurance costs.
Co-founders John Zimmer and Logan Green announced the cuts to staff Thursday, according to a memo obtained by“There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” they wrote in the memo. Lyft laid off 60 people, or roughly 2% of its more than 4,000-person workforce, in July. Neither of the cutbacks affect drivers.
Shares of Lyft , which have fallen a staggering 68% this year, have nudged back up more than 8% over the past 30 days. The company will post third-quarter results on Monday.owner Elon Musk reportedly plans for make a 50% headcount reduction there by Friday, amounting to about 3,500 layoffs. Also in the city, proptech Opendoor Technologies Inc. is laying off about 18% of its workforce, shedding more than 550 employees, while fintech Chime is cutting 12%, or about 150 employees., based in South San Francisco, also said this week it will cut more than 1,000 jobs — a 14% reduction — returning headcount to the almost 7,000 total from February, according to co-founders Patrick and John Collison, who noted that Stripe's recruiting business would be the most impacted.
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Global art gallery Lumas opening 'affordable' art gallery in Union Square - San Francisco Business TimesLumas plants its first West Coast flag and third U.S. gallery — and 22nd globally.
Läs mer »
Junk King acquired by national home services company Neighborly - San Francisco Business TimesMichael Andreacchi founded Junk King from his garage in 2005. He just sold it to a national home services company.
Läs mer »
Antitrust regulators probe Adobe's $20 billion plan to buy Figma - San Francisco Business TimesThe acquisition is the most expensive ever for a private software business and it could be drawn out if the DOJ decides to try to block it.
Läs mer »
Ensemble Investments LLC seeks approval for Oyster Bay hotel in South San Francisco - San Francisco Business TimesSouth San Francisco's Design Review Board over the summer described the proposed project as 'beautiful,' noting that it is 'the best design of a hotel the city has seen in many years.'
Läs mer »