It’s a Bird, it’s a Lime – it’s in my way!
Shareable scooters took over our sidewalks in 2017, but now Lime is squeezed for cash.
The company will exit 12 major metro areas internationally in an effort to shift to profitability.
- Scooting off. Lime is exiting Atlanta, Phoenix, San Diego, and San Antonio in the U.S. Austria and much of South America will also lose its Limes.
- Sliced limes. Lime cut 14% of its staff to compensate for the closure.
- In the Limelight. Last October, Lime announced it was on pace to lose about $300 million in 2019…
How does it affect my wallet?
After last year’s WeWork debacle, the market is much more skeptical of high-promise, no-profit IPOs, and Lime is obviously feeling the heat. The company is trying to prove it can make money so it can complete an IPO at some point, but it appears they’re having a hard time.
- Gizmodo reported that ride scooter-sharer Bolt is also departing from several markets.
The scooter-sharing business is often criticized for its lack of regulations and dangerous rides.
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