Latest News

DoorDash lays off 1,250 employees

0
Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

In this article

Tony Xu, co-founder and chief executive officer of DoorDash Inc., smiles during the Wall Street Journal Tech Live conference in Laguna Beach, California, U.S., on Tuesday, Oct. 22, 2019.
Martina Albertazzi | Bloomberg | Getty Images

Delivery service DoorDasha message to employees on Wednesday.

Shares were up about 3% in premarket trading on the news.

DoorDash joins the ranks of AmazonMetaTwitterHPLyft

DoorDash announced a slowdown in hiring earlier this year. It had 8,600 corporate employees as of Dec. 31, 2021.

DoorDash went public at the end of 2020 in a wildly successful IPO that saw shares soar 80% over initial pricing. In November 2021, it hit a peak valuation of $81.1 billion, despite never turning a profit.

DoorDash will offer 17 weeks of severance to affected employees. Healthcare will continue through March 2023. For overseas or visa-sponsored employees, the termination date will be Mar. 1, a decision that Xu told employees would give them “as much time possible to find a new job.” DoorDash will set a termination date of March 2023 for H1-B visa holders, allowing overseas workers as much time as possible to find a new opportunity.

DoorDash shares are down over 60% year-to-date.

Amazon touts record sales over holiday shopping weekend

Previous article

Amazon touts record sales over holiday shopping weekend

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News