Turo Slashes 15% of Workforce Following IPO Withdrawal

Turo Inc. has disclosed a significant workforce reduction of around 15% of its employees, which equals the termination of about 150 positions, after the company decided to postpone its IPO plans.

“About 15% of the company’s personnel will be displaced,” a spokesperson said. “This decision was very hard, especially in view of prolonged economic uncertainty and in order for us to become even stronger for long-term growth.” Founded in 2009 and headquartered in San Francisco, Turo allows private car owners to rent out their vehicles in a marketplace. 

It had offered its prospectus for the IPO in January 2022 but formally withdrew its filing in February 2025, citing a market climate that was not conducive for an IPO. Haddad stated that the IPO had become a distraction, and instead, the firm chose to concentrate on investing for the long term. 

In early 2025, the partnership between Turo and Uber enabled Turo vehicle listings to be included into the Uber Rent platform for the U.S., U.K., France, Canada, and Australia- a strategic approach to widen Turo’s market and gain its end-users.

The recent layoffs and cancellation of the IPO proposal now shed light on the challenges Turo is facing in a hard and fast-moving car-sharing marketplace. The company with an eye toward long-term growth and sustainability is still operating in several countries within the U.S., Canada, France, Australia, and the U.K.