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Tuesday Ticker: June 21, 2022

Toronto, Ontario ⁠— In this weekly stock update, Uber loses a North American exec and Tesla CEO Elon Musk makes some curiously timed layoffs.

Do the Uber shuffle
Dennis Cinelli, the head of Uber’s ride operations in the United States and Canada, is stepping down, according to reports from undisclosed sources.

Cinelli is reported leaving the rideshare giant to join machine learning startup Scale AI in the role of CFO. He’s the latest Uber exec to step down in recent months; Raj Beri, the name behind Uber’s grocery business, left the company last month.

Cinelli has served in various roles at Uber since joining the company in 2016 and played a key role in the company’s initial public offering in 2019.

Judging by last Friday’s closing numbers, shares of Uber are down more than 50 percent from the start of this year.

Proud of yourself?
Despite scoring a perfect 100/100 on the Human Rights Campaign Foundation’s Corporate Equality Index for the seventh year in a row, Tesla has continued layoffs of 10 percent of its workforce, with a notable dismissal of Leader-Advocate for Tesla’s LGBTQ community and a manager of inclusivity programs within the company.

Bobby Berretta-Paris was laid off last week, despite a five-year tenure within the company as a recruiter, having done important volunteer work as a leader in diversity and advocacy for the LGBTQ community.

Musk previously promised that layoffs would not include employees who worked on an hourly wage, promising instead that hourly headcount would likely increase. He has already reneged on this promise, however, having laid off waged workers within the sales and delivery teams within North America. He is also pulling workers from these teams to work in service centres across North America.

All of this news comes alongside a tweet last month from Musk declaring that “the woke mind virus will destroy civilization.”

Despite the news, Tesla stock rose Friday after a period of decline.

The stock market remains closed as of Monday, June 20 for the Juneteenth national holiday. The market will reopen Tuesday, June 21.

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