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Lyft Rolled Out 17 Percent Layoffs of its Workforce and is Furloughing Even More

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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.”

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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.

 

Immigration

Flashback: Ann Coulter Warns Steve Bannon about Donald Trump’s Hires During 2016

Coulter tells it like it is.

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Earlier this week, former White House adviser Steve Bannon reached out to President Donald Trump, in an apparent move to reconcile with the president. Bannon was one of the more renowned advisors in the Trump administration who received a lot of attention for his unconventional views. The former White House adviser is likely looking for Trump to pardon him for several federal criminal charges that he is currently facing.

Bannon was one of the strongest contrarian voices on the right who questioned traditional conservative dogma on free trade and immigration. His rise to prominence represented a raw, populist anger that was building within the Republican Party base. Bannon ended up leaving the Trump administration after the infamous Charlottesville rally. This left a massive void for populist voices within the Trump brain trust, which was never adequately filled with populist figures.

Most of the strong populist voices during the Trump era came from the outside. Conservative commentator Ann Coulter has been one of the leading figures trying to steer populist discourse in America.Although a harsh critic, Coulter did her best to hold President Trump accountable and watch his every move, especially personnel decisions that did not align with his America first vision. To the average pro-Trump individual, Coulter’s criticism may come off as abrasive, but it was and still is  necessary to have a viable nationalist movement.

As a reminder to her followers about how she knew that there were subversive elements in the Trump administration who wanted to gut the president’s America First agenda and pursue more traditional Republican policies, she tweeted about email correspondence she had with Bannon dating back to December 2, 2016. In light of the rapprochement between Bannon and Trump, Coulter called attention to how she warned the former White House adviser about some of the latter’s questionable staffing decisions during the early stages of his presidency.

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Coulter tweeted, “No, actually, I knew Trump was betraying us pretty early on – and that it would cost him re-election. My December 2, 2016 email to Steve Bannon:”

In an email sent on December 2, 2016 with a subject line titled “ghost of christmas future”, Coulter warned then-White House adviser Bannon about some of Trump’s hiring decisions.

She first noted that “the fact that Trump is even CONSIDERING rep. Mccaul (rubio in the house) for homeland — and is NOT considering kobach— tells me we’re not getting any major deportations, no removal of refugees, no e-verify, no end to end anchor babies… and trump will be dead.

also, “mad dog” isn’t going to build a wall.”

She was referring to Texas Congressman Michael McCaul, a known mass migration booster and a potential nominee for the head of the Department of Homeland Security. United States Marine Corps General James Matthis would be Trump’s first Secretary of Defense, who ended up turning out to be a Deep State hack. On the other hand, Kris Kobach is a nationally recognized immigration hawk, who gained fame for implementing some of the stiffest voter ID standards in the nation during his time as Secretary of State.

The Trump administration was successful in implementing several administrative changes that limited immigration and also did not get involved in any nation-building engagements like previous administrations.

Nevertheless, Coulter’s incisive suggestions still have use for future Republican administrations. The new GOP should follow Coulter’s pro-migration restriction suggestions if it wants to not only remain politically relevant, but also protect the integrity of America’s political system.

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