A Tech CEO Tells Employees to Do More With Less (Insider Comms From Uber)

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Yesterday Netflix announced it’s laying off 150 workers. Peloton has let employees go. Carvana, Vroom, and Robinhood, too. Pandemic darlings are losing their shine. Tech industry employees are very nervous about holding onto their jobs through what appears to be a looming recession.

• Meanwhile, Microsoft is doubling its budget for salary increases. 🤔

Uber is feeling the pinch too. In order to address a “seismic shift” in the market (i.e., the stock is down 50% in one year), the frictionless-economy pioneer is cutting spending on several fronts, including hiring and headcount.

Last week Uber’s CEO Dara Khosrowshahi sent a note to employees (below) explaining the economic situation and what the company needs to do to weather the storm. A few things stick out: