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Getaround to Lay Off About One-Fourth of Staff

Car-rental startup Getaround plans to lay off roughly 150 employees, or about a quarter of its staff, in a bid to reduce rising costs, people familiar with the matter said. Getaround’s chief executive told The Information that the cuts mostly will involve employees handling day-to-day interactions between car owners and renters.

Getaround joins multiple companies backed by SoftBank’s Vision Fund, the world’s largest tech investor, that have made significant staff cuts recently, as pressure grows for these businesses to demonstrate that they have a path to profitability (see chart). SoftBank, which injected $300 million into Getaround in 2018, is the company’s largest single investor.