Uber Stock Thriving in Wake of Driver Protests
Uber is celebrating the launch of its IPO. The San Francisco based company went public on Friday, May 10. While many are celebrating the success of the tech company, its drivers are planning protests and asking for a raise. The drivers, which are 1099 contractors, are accusing Uber of keeping profits high and pay low.
In its first week on the New York Stock Exchange, Uber’s stock prices averaged about $40 per share, giving the company a valuation near $75 billion.
Uber competitor Lyft, has seen even higher stock prices averaging $53 per share.
Days before Uber went public, drivers from the app giant and Lyft in collaboration with the Rideshare Drivers United, called for a nationwide boycott during rush hour from 7 to 9 am. The strike gained attention and slowed traffic on the apps, but Uber and Lyft gained an unlikely ally.
The National Labor Relations Board released a memorandum outlining limitations to contract employees to organize labor unions and protest wages.
In 2018 , the New York City Council voted to place a cap on Uber, Lyft and similar “For Hire” type vehicles in the city. “Our city is directly confronting a crisis that is driving working New Yorkers into poverty and our streets into gridlock…” – Bill de Blasio, New York City Mayor said in a statement.
