Car-rental startup Turo Inc. is laying off around 150 employees, approximately 15% of its workforce, as it shifts away from its initial public offering amid ongoing economic challenges. Turo’s CEO noted the need for the company to strengthen its position for long-term growth. Previously valued over $1 billion, the company has 340,000 vehicles available to 3.5 million users and continues to work on enhancing user experience despite scrutiny from recent incidents involving rented vehicles. The company's revenue reached $958 million in 2024.
Due to ongoing economic uncertainty and in order to strengthen our position for long-term growth, Turo has made the very difficult decision to reduce the size of our team by approximately 15%.
We're a willingness to invest further in enhancing the experience for our hosts and guests across the US, Canada, the UK, France, and Australia.
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