Uber CEO Dara Khosrowshahi announced on Sept. 2, 2026, that the company will lay off about 3,300 employees, roughly 10% of its workforce, as part of a restructuring to become 'simpler and faster.' ^[1] Shares of Palantir Technologies fell 3.6% in morning trading, retreating to $173.38 as the stock continues to unwind its historic August rally. ^[2] Khosrowshahi said the layoffs will affect 20% of rank-and-file employees who are seven or more levels below him. ^[3] Khosrowshahi said Uber would increase the number of employees under each manager by cutting teams that have only one or two workers by half, which would flatten the company. ^[4] Uber said it will consolidate its delivery operations and some engineering and science teams, concentrate global teams in New York and San Francisco, and require most remote workers to relocate to an office, leaving 1% fully remote while reinforcing a three-days-a-week hybrid policy. ^[5] ARK Invest, led by Cathie Wood, offloaded approximately 139,456 Palantir shares worth around $26 million on August 31, marking the most recent in a string of reductions executed throughout August. ^[6] The pullback follows a roughly 48% surge from the stock's pre-earnings level in early August, driven by a blowout second-quarter report in which revenue surged 93% year over year and U.S. commercial revenue nearly doubled. ^[7] The stock's decline was driven by profit-taking and institutional selling, pushing the AI software company further from the 2026 closing high of $186.38 it reached just two sessions ago. ^[8]