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Photo: Alastair Pike/AFP/Getty Images

Following cuts of 300 employees from its marketing team, Uber said on Tuesday it cut 435 employees (about 8%) from its engineering and product units, as TechCrunch first reported and Uber confirmed to Axios.

Why it matters: The company's stock has been on the decline since it went public in May, and it has struggled to show a clear path to profitability. So it comes as no surprise that Uber is working to slim down some of its costs.

Go deeper: Uber stock price drops after missed Q2 expectations

Go deeper

Dan Primack, author of Pro Rata
38 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.