Lyft to Lay Off 1,200 Employees Under New CEO's Cost-Cutting Plan
- Lyft plans to cut about 30% of their over 4,000 employees.
- The layoffs come as new CEO David Risher takes over and aims to slash costs by 50%.
- Lyft has struggled to reach profitability and compete with rival Uber.
- The restructuring will allow Lyft to invest in lower fares and faster service.
- Employees were alerted to the coming layoffs and closures in an email from the new CEO.
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