News
Lyft Rolled Out 17 Percent Layoffs of its Workforce and is Furloughing Even More
In a recent regulatory filing, Lyft announced that it will lay-off 982 employees — 17 percent of the company’s workforce.
The rideshare company is doing so to reduce costs and adjust cash flows in the aftermath of the Wuhan virus pandemic.
Another cost-cutting measure that it’s implementing is the furloughing of 288 employees in addition to staggered reductions in pay. This comes accompanied with a 30 percent reduction in salaries for executive leadership, 20 percent for vice presidents, and 10 percent for all other employees that are exempt. Starting in May, the salary cuts go into effect for 12 weeks. Similarly, members of the Lyft board will give up 30 percent of their cash compensation for the second quarter of 2020.
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“It is now clear that the Covid-19 crisis is going to have broad-reaching implications for the economy, which impacts our business. We have therefore made the difficult decision to reduce the size of our team,” CEO and co-founder Logan Green declared in a statement. “Our guiding principle for decision-making right now is to ensure we emerge from the crisis in the strongest possible position to achieve the company’s mission.”
According to company estimates, restructuring costs, which includes severance, are expected to be in the range of $28 million to $36 million. The majority of these costs will be incurred in the second quarter.
The filing came a day after Lyft’s competitor Uber is floating a plan to cut 20 percent of its workforce. In the midst of the sharp reduction of ride-hailing services, Lyft and Uber have sought alternative sources of revenue which focus mainly on transporting goods instead of people. In the concluding days of March, Lyft announced that it would start delivering meals and groceries for students and seniors in the U.S. In the meantime, Uber has been expanding its Uber Eats program to transport other goods in various markets around the world.
It’s clear that both companies are under significant pressure to become profitable. Uber pulled back its financial guidance for the year. Lyft followed in its footsteps a week later.
Due to economic uncertainty thanks to money printing and fiscal stimulus, there will likely be more announcements of layoffs from similar corporations.
The special election for Texas’ Senate District 30 is on pace to be one of the most heated races in the Lone Star State.
At a candidate forum on September 18, 2020, Shelley Luther, the Dallas salon owner who was jailed for opening her business in defiance of Governor Greg Abbott’s shutdown order, confronted outgoing State Senator Pat Fallon.
Fallon vacated his seat and is now backing a successor in State Representative Drew Springer.
“We don’t want somebody who’s going to be at odds with our Republican governor,” Fallon said September 18 at the Grayson County Republican Women’s Club.
Fallon added:
I didn’t support some of the things that he has done about opening up. … So, he’s made some mistakes. He’s our Republican governor, the 80/20 rule … because you’re not going to get any bills passed unless the governor signs them.
“Let me make something clear. I am accountable to my fellow citizens in Senate District 30. Not our Governor,” Luther responded on September 19 on Facebook:
This is exactly what is wrong with Austin. Our politicians are more loyal to Abbott than us, even when they disagree with him.
I will work with Governor Abbott when he is fighting to protect the liberty of Texans, and I will oppose him when he pushes unilateral dictates that shut down our local businesses.
Fallon and Luther had a tense exchange, which was caught on video.
“You want me to go all in on this race?” Fallon questioned Luther. “I have been 5 percent in on this race. You want me to go all in on it, I’m welcome to.”
“This has become a straight-up fight between Abbott and the ‘Kumbaya’ Professional Political Class vs. the grassroots and people who remember what limited government and principles should look like,” opined conservative activist Mike Openshaw.
“Respectfully, being willing to be jailed for fighting over-reaching government shows principle; that counts for something, Patrick,” Openshaw continued.
Luther has recently received endorsements from conservative Collin County Judge Chris Hill and Young Conservatives of Texas. Springer, on the other hand, received an endorsement from the Fort Worth Star-Telegram, which asserted that Luther was going down a “far right” path.
A Republican is expected to carry the senate district, which may still require a runoff if the leading candidate does not get enough votes during the first round of the special election.
Election Day will be on September 29.
Luther is viewed as the truly conservative option and many believe she could help break the political status quo in Austin that has kept conservative legislation from ever being passed.
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