Trucking Company Convoy Halts New Orders, Tells Employees to Prep for ‘Transition’

Digital trucking marketplace Convoy told employees on Wednesday to stop accepting new orders and said that it was canceling existing shipments, promising to share additional details with staff in the coming days, according to an internal message.

The abrupt message comes after months of Convoy exploring strategic options including a potential sale, a process that was first reported by The Information in August. Convoy landed a $3.8 billion valuation in a fundraising round in April 2022, and counts Jeff Bezos and Bill Gates as angel investors and Fidelity and T. Rowe Price as later-stage investors.