UBER, LYFT LAY OFF EMPLOYEES

With the Covid 19 pandemic playing out that disallows close contacts due to the danger of transmission of the virus, ride-share companies like Uber Technologies and Lyft have laid off some employees.

Uber, which got investments from the Public Investment Fund of Saudi Arabia is laying off 31 percent of its employee base in Careem, a ride hailing company that Uber owned due to the drop in its business as a result of the pandemic.

Dubai-based Careem, which operates in the Middle East, was acquired by Uber for $3.1 billion last year. #coronavirusimpact #COVID19