Pre-IPO Sector News Update
March 30, 2020
Last week, several travel and transportation startups operations were negatively impacted by the Covid-19 outbreak. Airbnb suspended all of its marketing initiatives to save $800 million and several of its top executives took pay cuts. Bird terminated 30% of its workforce. Lime planned to lay off 50 to 70 employees. TripActions laid off 350 employees. Sonder terminated one third of its workforce. Getaround laid off an additional 100 employees.
The news articles and links presented below are available for your reference.
AIRBNB
“Airbnb Suspends Marketing to Save $800 Million, Top Executives Take Pay Cut: Source”
BIRD
“Bird Lays Off About 30% of Workforce Amid COVID-19 Pandemic"
GETAROUND
“Getaround Issues Another Layoff Round as it Seeks Buyer“
LIME
“Scooter Giant Lime Preparing Layoffs as Rider Numbers Collapse"
SONDER
“Hospitality Startup Sonder Slashes Workforce“
TRIPACTIONS
“TripActions Lays Off Hundreds Amid COVID-19 Travel Freeze"