Uber Exec Unloads Shares Following Rally on Layoffs
It's been a rough year for Uber (NYSE: UBER), which has seen its core ride-hailing business get decimated by the COVID-19 pandemic. This month alone, Uber announced two separate rounds of layoffs that combined amount to the company cutting a quarter of its workforce year to date. That's 6,700 rank-and-file employees that are out of work.
In an internal memo announcing the most recent cut, CEO Dara Khosrowshahi confirmed that the ridesharing segment was down 80% year over year because people simply aren't traveling much during the public health crisis. Investors cheered the layoff news and the associated cost savings, sending shares higher.
One Uber exec has taken the opportunity to unload the majority of her shares.
Source Fool.com
