CompaniesBIO

Lyft confirmed its plans Thursday to lay off 13% of its workforce, equivalent to about 700 employees, as the broader downturn in once high-flying tech companies persists. In a company-wide email obtained by NBC News, Lyft executives said the cuts were necessary as the company becomes "leaner" amid “several challenges playing out across the economy.” “We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” the executives said, adding the cuts would occur throughout the company. Lyft is preparing to report its latest quarterly earnings Monday. Despite the layoffs, the company is holding the line on its third quarter and full-year earnings outlook. "We are confident in the overall trajectory of the business," the company said Thursday in a filing. An emerging trend Still, Lyft's announcement adds to the broader trend of hiring freezes and job cuts across the tech industry. Amazon announced Thursday it will pause hir...

Now that Elon Musk has closed on his acquisition of the social media platform Twitter, what happens to Twitter's stock? The transaction to make Twitter a private company was completed late Thursday, according to a Securities and Exchange Commission document. By Friday morning, Twitter's stock had already stopped trading on the New York Stock Exchange, where it had been listed since 2013. Next, Twitter will get a record of everyone who owned shares as of Thursday night's closing. The majority of shareholders will likely be represented by brokerage agents , according to Brian Quinn, a professor of securities law at Boston College. Screens display Twitter's share price at the New York Stock Exchange, in New York in 2013. Emmanuel Dunand / AFP via Getty Images file It's these agents who will be paid the $54.20 owed for each share, Quinn said. That was the price Musk agreed to pay for the company, and the price Twitter shareholders approved by a 98% margin in Septembe...