Lyft Shuts Down Its Car-Rental Unit And Cuts ✂️ 60 Jobs

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Lyft Shuts Down Its Car-Rental Unit And Cuts ✂️ 60 Jobs

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Ride-hailing platform Lyft is shutting down its car-rental business as the company grapples with a labor shortage and a fall in its stock price.

The company has also laid off about 60 people and is consolidating global operations, joining the ranks of tech companies to cut their workforce.

The job involved less than 2% of the company staff and mainly affected employees who worked in operations.

The layoffs come about two weeks before the company reports its second-quarter earnings.

Lyft has reportedly discontinued its rental car service business to instead focus on partnerships with rental car companies Sixt and Hertz.

“This decision will ensure we continue to have national coverage and offer riders a more seamless booking experience,” said Lyft spokesperson Jodi Seth in a statement.

This move from Lyft primarily comes as economic challenges continue to hobble the sector.

Although the ridesharing industry has been hiring rapidly for years, the money is drying up, and other issues like inflation keep piling up.

Amazon Starts Delivering Packages 📦 With Rivian-Built Electric Vehicles 🚚

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E-commerce giant Amazon announced that it has started delivering packages in more than a dozen cities using the custom electric van built by Rivian.

“Today marks a significant milestone in our Climate Pledge commitment. Rivian was one of the first companies Amazon invested in through the Climate Pledge Fund. We’re just getting started on our journey to have 100,000 of Rivian’s vehicles on the road by 2030,” said Andy Jassy, CEO of Amazon.

Amazon, which has around an 18% stake in Rivian, struck the partnership with Rivian in 2019 to reach net-zero carbon across its operations by 2040.

The vehicles built by the startup share some of the same design features found in today’s gas-powered versions.

Amazon has been testing preproduction versions of the vans since last year, and it has delivered about 430,000 packages and drove more than 90,000 miles in the preproduction vans.

The initial rollout of delivery packages which kicked off in some cities like Baltimore, Chicago, Kansas City, Nashville, Phoenix, and Dallas, among others, will eventually spread to more than 100 cities by the end of the year.

Compass Mining to Add 25k ASIC Miners Just Days After Job Cuts ✂️

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Bitcoin (BTC) mining hosting and brokerage services firm Compass Mining seeks to deploy 25,000 application-specific integrated circuit (ASIC) miners to the Wolf Hollow plant site in Granbury.

The company will work with Compute North on a 75 megawatt (MW) hosting partnership for its Granbury, Texas, data center. This move comes just weeks after the company announced employee layoffs and salary cuts.

“Compass Mining’s newest large-scale deployment will begin in August, continuing for several months. Compass expects to deploy 25,000 ASICs to Wolf Hollow, including a variety of next-generation Bitcoin miners such as the Antminer S19XP, Antminer S19j Pro, and Whatsminer M30S++,” the company said in a blog post.

The new power plant will use advanced gas turbine designs and air cooling to decrease carbon emissions and water dependence.

The facility will also meet Texas’ demand response program, which aids the Energy Reliability Council of Texas (ERCOT) market. The data center can curtail its load to ERCOT.

Fintech Startup TomoCredit Secures $22 Million in Series B Funding 💰

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TomoCredit, a startup designing credit cards to help first-time borrowers build a credit history, has raised $22 million in its Series B funding round.

The funding saw participation from Morgan Stanley’s Next Level Fund, Mastercard, GoldHouse, Asian Hustle network, and Hyphen Capital. The company also secured $100 million in debt financing from Silicon Valley Bank.

Founded in 2018 by Dmitry Kashlev and Kristy Kim, TomoCredit builds the next-generation credit card designed for young adults, students, and immigrants with no credit history or credit score by analyzing alternative data sources through its proprietary algorithm.

The company targets 40 million credit-invisible immigrants and international students with no credit history in the US. It offers a credit card that requires no credit check, no deposit, no APR, and no fees.

TomoCredit plans to use the fresh funding to diversify its product offerings, such as offering auto loans and mortgages. It will also use the capital towards hiring more engineers and product people.

Around the Web 🌐

7-Eleven Lays Off 880 Corporate Employees: Convenience store chain 7-Eleven slashed about 880 corporate jobs in the United States as the retail chain finalizes its organizational structure. The job cuts were of specific roles in the company’s Irving, Texas, and Enon, Ohio, support centers and field support roles.


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