DiDi shares rose nearly 7% in morning trading. The stock once fell 3% in premarket trading.
Chinese media outlet LatePost reported on Monday that Didi Global Inc., the Chinese ride-hailing giant, is now implementing the company’s long-rumored layoffs. One Didi employee said that the plan will be implemented very quickly and that layoff notices will be completed by the end of February.
The proportion of layoffs will vary from department to department. The overall layoff ratio will remain at 20%, and the operations and business departments will be cut by 20%.
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