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Why Shares of Root Are Crashing Heading Into the Weekend

TheMotleyFool

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Why Shares of Root Are Crashing Heading Into the Weekend

Shares of the car insurance company Root (NASDAQ: ROOT) were down nearly 20% heading into the final hour of trading today after the company announced layoffs on Thursday.

Root is laying off 330 employees, which is equal to 20% of its workforce. The company said in a regulatory filing that the move is being made due to inflationary pressure and in order to drive efficiency.

Image source: Getty Images.

Source Fool.com

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