Uber will carry out its largest round of layoffs in six years, the company’s CEO Dara Khosrowshahi announced Wednesday.

Khosrowshahi said the cuts will make the ridesharing giant “simpler and faster” while adding that Uber plans to use the savings to invest more in drivers, couriers and the “autonomous future.” The firm employs roughly 34,000 people in more than 70 countries, though the layoffs will likely bring its headcount below 30,000, Bloomberg reported.

Uber’s stock is down about 6% this year, and it faces increased competition from autonomous ride-hailing companies like Zoox and Waymo.

This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.

In a sealed decision, a federal judge ruled that Google will not have to sell its advertising tech business after the search giant was found to be operating an illegal monopoly last year.

The NBA suspended Los Angeles Clippers owner Steve Ballmer, the world’s ninth-richest person, for one year after an investigation found salary cap violations involving “off-court income opportunities” for former Clippers star Kawhi Leonard.

Gloria Steinem, a co-founder of Ms. magazine and one of the most influential figures in the modern feminist movement, died Wednesday at the age of 92.

As President Donald Trump seeks to restructure Venezuela’s oil industry, billionaire Coinbase co-founder and Trump ally Fred Ehrsam is reportedly seeking to take over three oil fields in the country. Trump is aiming to push out operators installed under former President Nicolás Maduro, and several companies—Ehrsam’s firm, as well as Chevron—are set to........

© Forbes