Latest layoffs: Lyft, Stripe more than decimate staff
Citing the likelihood of recession and increases in rideshare insurance costs, Lyft is laying off 13 percent of its workforce, with no team left unaffected.from CEO Logan Green and President John Zimmer, the pair said attempts to cut costs over the past year were insufficient to keep profits and results strong"in 2023 and beyond."
Lyft employs approximately 5,000 people, and that's not including the drivers, so 700 people are being chopped. Green and Zimmer said they made their layoff decisions based on deprioritized initiatives, plans to reduce management layers, broader savings goals"and, in some cases, performance trajectory."
Green and Zimmer also said Lyft was pursuing the sale of its first-party vehicle service business, which a Lyft spokesperson told us"Drivers continue to have access to exclusive benefits via the Lyft Rewards program, such as free 24/7 roadside assistance as well as discounts on auto services with our partnership with Openbay," the spokesperson said. Openbay is an online market where users can book auto service appointments.
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