Uber drivers protest, but $9 billion IPO rides on

09 May, 2019, 03:31 | Author: Frank Williams
  • Investors are banking on those drivers eventually being replaced with autonomous vehicles

"We ask that the public support drivers in their struggle for fair wages and our Drivers bill of rights", spokesperson and member Brian Dolber said in an email to NPR. In settling the California and MA case, it agree to make changes to how it removes drivers from its platform. "Treat us as human beings". As the company pitched itself to investors, protesters attempted to picket the company's roadshow, and drivers went on strike in San Diego and Los Angeles.

In several other US cities, drivers plan to strike Wednesday over pay and working conditions. On safety, Uber cites a number of features, including an emergency button, share trip feature and 911 integration technology in more than 40 cities. At D.C. -area airports, officials arranged for extra cabs, and said they always encourage passengers to consider taking the Metro or the bus, The Washington Post reported.

Uber, founded ten years ago, is at a pivotal point in its history.

Joyce Beebe, a research fellow at Rice University's Baker Institute for Public Policy, is skeptical that protests will spur Uber executives to make the kind of changes drivers are asking for.

When Uber goes public this week, it could be valued at up to $91 billion.

Uber, which like Lyft is unprofitable, is willing to price conservatively within its stated range of $44 to $50 per share to avoid repeating Lyft's poor performance since its IPO, which was aggressively priced at the top of its range, a person familiar with the matter told Reuters on Tuesday.

The company had an operating loss of about $3 billion previous year, and its growth rate has slowed in recent quarters, indicating that margins may have to increase significantly for it to turn a profit.

In the "risk factors" section of its filing, Uber identifies lower driver pay as a possible liability. Uber did not respond to a request for comment regarding the coupons.

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A 2018 JP Morgan Chase study found drivers pay had fallen 53 per cent since 2013. Uber and Lyft are used to dealing with high driver turnover, so a prolonged strike might just cause Uber and Lyft to ramp up their recruiting efforts.

The problem will nearly certainly grow from here.

The difference of opinion is the latest round in a long-running question at Uber, one that still dogs the company as it zooms toward its IPO on Thursday: Who actually works for Uber, and what does the company owe them? We look at the gig economy now.

Drivers in San Francisco have four main demands: a living wage, transparency in decision-making, employee benefits and a voice in company decisions.

The argument that Uber and Lyft are keeping a higher portion of each ride is reflected in the companies' own documents, though the companies' numbers are more favorable to drivers than those compiled by the drivers group.

"Whether it's being able to track your earnings, new safety features, or stronger insurance protections, we'll continue working to improve the experience for and with drivers". In Atlanta, the strike is slated for noon to midnight.

Uber and Lyft drivers around the world are striking on Wednesday to improve wages and working conditions just two days ahead of Uber's monster IPO that could generate $80 million to $90 million.

Walter Ellis, who has driven on and off for Uber and Lyft since 2015 and plans to attend Wednesday's speak-out event, said pay on the apps has been shrouded in "a big cloud of mystery".

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