Faced with a probable recession in the next year and rising rideshare insurance costs, the co-founders had no choice but to become leaner which required them to.
TL;DR: Lyft’s latest wave of job cuts will see the transportation company say goodbye to 13 percent of its staff, or around 700 employees. Lyft co-founders Logan Green and John Zimmer announced the cuts on Thursday in a memo issued to staffers that was seen by The Wall Street Journal. In it, the duo said they worked hard over the summer to bring down company costs by slowing – then freezing – hiring, cutting spending and pausing initiatives that weren’t viewed as critical.
Faced with a probable recession in the next year and rising rideshare insurance costs, the co-founders had no choice but to become leaner which required them to part with additional employees.
