Lyft Inc has said to reduce its workforce by 30%. The company currently employs 4000 employees. Out of which 1200 people have been asked to be removed. Although Reuters When asked, there was no comment from the company in this regard, it has been said. According to the report, the company wants to reduce the size of the team in order to better meet the needs of riders and drivers.
The arrival of new CEO David Risher at Lyft was announced in March. He took over his job from 17 April. It is reported that the new CEO informed the employees about the layoffs in the company through email. blog post I have been told about this. This isn’t the first time Lyft is having layoffs. Earlier in November, the company had fired 700 people and reduced the workforce by 13%.
CEO Risher has previously worked for Amazon. It has been said in the report that the employees were told about the retrenchment a week in advance. The company is facing tough competition from Uber and has been going through a struggle since 2019. The company started in the market with a share price of $72, which is now said to have come down to $10.
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