There was a person in the Uber thread yesterday who predicted this. I wonder if they’ll go back to hiring if this is over or they’re using as an opportunity to get rid of people they shouldn’t have hired in the first place.
Lyft lays off 17% of workforce, furloughs hundreds more
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Re: Lyft lays off 17% of workforce, furloughs hundreds more
#22Also: "Lyft's other cost-cutting measures include furloughing 288 employees and base pay reductions of 30% for executive leadership, 20% for VPs, and 10% for all other exempt employees. Board directors will give up 30% of their cash compensation during Q2."
>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?
Aren't bonuses usually tied to base pay?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#23> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs. https://twitter.com/kateconger/status/1255526352813535232
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
Just FYI, you're shadowbanned.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#24Re: Lyft lays off 17% of workforce, furloughs hundreds more
#25This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…
Google had (still has, I believe) a fair investment in Lyft. Perhaps they could expand that.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#26Re: Lyft lays off 17% of workforce, furloughs hundreds more
#27Earlier quoted context omitted.
>>> base pay reductions of 30% for executive leadership Aren't executives mostly paid in stock and bonus?
Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!
> anything to pay people in stock, since it just siphons off value from all existing stock
wait what?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#28Earlier quoted context omitted.
Paying people in stock and performance bonuses is ideal during a downturn. It doesn't cost the company anything to pay people in stock, since it just siphons off value from all existing stock, and nobody's getting their performance bonus!
> anything to pay people in stock, since it just siphons off value from all existing stock wait what?
It doesn't cost cash, I think they meant.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#29This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…
Agreed, though the stock went up after this news, Google and Amazon could have acted faster.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#30Crap, I was scheduled to go on internship with them this summer, but I feel like that might quickly no longer be an option..