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Why Uber Splurged on a $170 Million Investment as It Laid-off Thousands

Demand for ride-hailing is not expected to return to pre-COVID levels in the short-term to medium-term after the pandemic is contained. Nearly 40% of pre-COVID-19 ride-hailing users will abstain or reduce their use of the services. Electric bikes and scooters are unlikely to face a similar fate. Uber (NYSE: UBER) on Thursday led a $170…