Dara Khosrowshahi wrote in an email to staff that there has been a “seismic shift” in investor sentiment following Uber’s first-quarter earnings report. The ride-hailing company must treat hiring as a “privilege” and be “hardcore about costs across the board,” he wrote. (CNBC)

Talking point: Uber is the latest tech firm to buckle down as investors shift to less risky assets and the industry’s pandemic-fuelled growth slows. Shopify’s stock fell again Monday after a rough week. Meanwhile, Meta told my colleague Martin last week that it’s slowing its Canadian hiring. “There will be companies that put their heads in the sand and are slow to pivot. The tough truth is that many of them will not survive. The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different,” Khosrowshahi wrote.