Lyft joins a litany of tech companies slowing hiring
Lyft is joining Uber, Meta, Robin Hood and a slew of other companies in slowing hiring and cutting costs.
Lyft cut costs by laying off employees. Investors were looking for safety, so Lyft was forced to lay off workers.
Tech startups are focusing more on profitability than growth. Employees are being laid off as well as frozen out of new positions. Tech recruiters are optimistic about the future of the industry.
Lacework laid off 20 percent of its staff. A well-financed startup in the cybersecurity industry was the latest tech company to lay off employees.
Lyft to launch road show for up to billion IPO sources | Reuters
Lyft will seek to convince investors to commit big money to its IPO. This means that Lyft will need to offer a lot of shares for sale. Lyft will also need to convince investors that it is worth more than Uber. Uber will likely try to do this by offering a lower price per share.
Lyft will meet with investors across America before pricing the IPO and list on the NASDAQ at the end of the Month. It will pitch itself as a more focused betting on ride-hailing, differentiating itself from Uber, which is diversifying into other areas such as food delivery, and expanding around the world.
Uber’s valuation is estimated at $120 billion. Lyft’s IPO will be used to fund investments in autonomous driving technology. Uber’s IPO will be used for other purposes.
Lyft declined to comment. After being quiet for a while, tech companies are lining up for IPO. Public equity markets are hovering near historic highs, but they’re still vulnerable to geopolitical issues. Other tech unicorns are waiting in the wings.