Overview

• 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.