Your Lyft Ride Got Cheaper Because the Company Laid off So Many Employees
July 26, 2023
Lyft has lowered ride prices following the layoff of more than 1,000 corporate employees this spring. The company’s decision to use the saved funds to decrease fares has helped it gain market share from its rival, Uber. CEO David Risher, who oversaw the layoffs, cited his experience in the nonprofit world to operate the company with fewer resources. However, Lyft has yet to publicly set a timeline for profitability and is considering selling its bike-focused division. The cost of ride-hailing through Lyft and Uber has increased significantly over the years, and municipalities are also adding new fees on rides through the apps.
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