David Risher announced many employees are getting the boot next week, a mere five days after stepping into the role.
The news comes as Lyft continues to trail behind the more successful rideshare service, Uber, which has expanded its global reach and introducedby a shocking 70% while Uber’s fell by only 4% during the same periodollowing news of the layoffs on Friday, Lyft’s stocks started to rise again, increasing by 4%. Investors love a blood bath.
Although the layoffs will reportedly affect 1,200 employees, sources told the outlet that number could be much higher, reaching more than 4,000 employees equating to 30% of Lyft’s workforce. Lyft’s move is just the latest in a round of layoffs spurted by an uncertain economy and a surplus of employee hires that came on the tail-end of the Covid-19 pandemic.
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