Uber's European rival isn't making layoffs, even after sales plummeted 75%

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Uber's European rival isn't making layoffs, even after sales plummeted 75%
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Bolt CEO Markus Villig is relatively optimistic about the outlook for ride-sharing as European economies start reopening.

Markus Villig, Bolt's CEO and co-founder, said the firm has been more frugal than some of its competitors, and therefore hasn't had to make any layoffs. Bolt is one of Uber's main challengers in Europe — others include BlaBlaCar and Kapten.

The company says it has furloughed some contractors for a "limited" amount of time but expects them to return to work once the business recovers. "We're not looking at doing any layoffs," he said. "The focus is on adjusting the business from ride-hailing to now work with scooters and food, in these times when people are just not able to move or don't prefer ride-hailing."

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