Restructuring 'a painful but necessary step'. 'The cost of capital has gone up, directly impacting the competitive landscape,' says Tan
SINGAPORE: Grab announced on Tuesday that it will be laying off more than 1,000 employees, affecting around 11 per cent of its workforce., the company’s CEO, wrote in a message to the employees. An excerpt was published on Grab’s website.“Change has never been this fast. Technology such as Generative AI is evolving at breakneck speed. The cost of capital has gone up, directly impacting the competitive landscape,” Mr Tan added.
However, value has plunged by as much as 70 per cent since then, with shares selling at US$3.40 earlier this week.
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