Uber is laying off 3,700, as rides plummet due to COVID-19
In an SEC filing dating back to last week, Uber disclosed that plans to layoff 3,700 employees. The figure amounts to around 14% percent of the ride hailing giant’s total workforce.
In the document, the company states that the job loss is part of a planned reduction in operating expenses, “in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its impact on the company’s business.”
While Uber hasn’t suspended operations altogether amid widespread shutdown, the company has no doubt taken a massive hit to its bottom line, as state governments have issued stay at home orders for non-essential workers.
In a letter to staff, CEO Dara Khosrowshahi noted that the cuts will come from from community operations and recruiting. Uber will also be closing around 40 percent of its Greenlight locations — used for in-person driver assistance.
“With the reality of our rides trips volumes being down significantly, our need for CommOps as well as in-person support is down substantially,” he writes. “And with our hiring freeze, there simply isn’t enough work for recruiters.”
Khosrowshahi has also agreed to waive his own base salary for the rest of 2020.
“In connection with the foregoing, Dara Khosrowshahi, the Company’s Chief Executive Officer, after consultation with the Board of Directors, agreed to waive his base salary for the remainder of the year ending December 31, 2020,” the company writes in the filing. “In connection with this decision, Mr. Khosrowshahi and the Company entered into a letter agreement, effective as of May 2, 2020.”
The executive made around $1 million in 2019.
We’ve reached out to Uber for further comment.
In an SEC filing dating back to last week, Uber disclosed that plans to layoff 3,700 employees. The figure amounts to around 14% percent of the ride hailing giant’s total workforce. In the document, the company states that the job loss is part of a planned reduction in operating expenses,…
Recent Posts
- Applying the mathematical principles of Pareto to Mario Kart 8
- Kia’s more affordable EV2 is getting ready to undercut Tesla
- Finally, someone used Pareto’s economic theories to find the best Mario Kart 8 racer
- Amazon Prime Video’s disappearing act could point to a future without the service
- The Hades 2 technical test is a trial in self-control
Archives
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- December 2011