Car Rental Startup Turo Cuts 15% of Workers After Icing IPO

Car-rental startup Turo Inc. is cutting about 150 jobs after withdrawing plans for an initial public offering.

“Due to ongoing economic uncertainty and in order to strengthen our position for long-term growth, Turo has made the very difficult decision to reduce the size of our team by approximately 15%,” a spokesperson said in a statement to Bloomberg.

The reductions hadn’t been previously reported. The company has nearly 1,000 employees and reported $958 million in revenue in 2024, Chief Executive Officer Andre Haddad said in a March blog post.

The San Francisco startup offers 3.5 million users access to 340,000 ...