Uber Cuts 3,300 Jobs as Part of Restructuring

Uber Technologies is cutting approximately 3,300 jobs, which accounts for 10% of its total workforce. The restructuring aims to reduce management levels and redistribute resources. CEO Dara Khosrowshahi noted that the company's growth has led to an increase in the number of management levels and teams. The number of managers will be reduced by 20%, with some being transitioned to regular employee positions. Additionally, the number of teams with one or two employees will be decreased, and the number of workers more than seven levels below the CEO will be cut. Uber will consolidate three operational teams responsible for restaurants, retail, and delivery. The restructuring comes amid the company's plans to invest over $10 billion in robotaxis in the coming years. Following the announcement of the layoffs, Uber's stock rose by 1.7% in pre-market trading. After the cuts, the total number of employees will be less than 30,000, matching levels from 2021. The layoffs will affect employees in the U.S. and other countries.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.