Lyft to undergo significant staff cuts under new leadership.

Lyft's new CEO, David Risher, is preparing for mass layoffs that could affect almost 30% of its workforce, with around 1,200 employees expected to be affected. The layoffs will be announced next Thursday, and workers will receive at least 10 weeks of pay. The move is part of a restructuring to focus on better meeting the needs of riders and drivers, with savings going toward investments in competitive pricing, faster pick-up times, and better driver earnings. Lyft has lagged behind larger rival Uber, which saw a boom in food delivery business during the pandemic.