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Uber to lay off 3,700 employees, about 14% of workforce

Source | www-cnbc-com.cdn.ampproject.org | Lauren Feiner

Uber said Wednesday it will lay off 3,700 employees and that CEO Dara Khosrowshahi will forgo his base salary for the rest of the year.

The layoffs to its customer support and recruiting teams represent about 14% of its 26,900 employees, based on Uber’s most recent headcount.

Khosrowshahi made $1 million in base salary in 2019 but gained the vast majority of his compensation from bonuses and stock awards.

The moves were announced in a filing with the Securities and Exchange Commission.

Uber’s stock fell as much as 4% Wednesday but ended the trading day down 0.9%.

Uber has been hit hard by the coronavirus pandemic, which has crushed the travel industry because of lockdowns to stop the spread of the virus. Uber’s global gross bookings are down 80%, according to a report from The Information last month. Investors will get a greater sense of the impact on Thursday when Uber reports earnings.

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