Lyft cuts 13% of its workforce (2 min read)
Lyft announced on Thursday that they are cutting 13% of the company’s workforce. Currently, Lyft has just over 5000 employees. In an email to its employees, Lyft said the layoffs are due to possible recession next year and the rising rideshare insurance costs. Lyft is not the only tech company to announce cuts or a hiring freeze recently. Netflix, Spotify, Coinbase, Shopify and on the same day Stripe have also announced layoffs. While Google, Amazon, and Meta have put a freeze on hiring to keep their expenses in check.