Uber IPO: Drivers in London and US strike over poor pay
Ahead of Uber’s IPO On Friday, Uber drivers in London and major US cities held strikes on Wednesday, protesting unfair pay conditions.
Drivers held protests in London, New York and California, where Uber drivers questioned the amount of money the company would make in Friday’s market debut, highlighting Uber’s poor pay conditions.
Drivers demand better pay
Protestors flagged the unfair gap between worker’s pay and Uber’s valuation which expects to be up to $90 billion dollars.
The hashtag #UberShutDown was trending on twitter on Wednesday, as many drivers in the UK stayed at home, causing passengers in London to pay higher fees due to increased demand, and lack of available drivers.
However, as Uber has 3 million drivers globally rides were still easily accessible across other cities.
UK opposition Labour party leader, Jeremy Corbyn said, 'Stand with these workers on strike today, across the UK and the world.'
There were a few dozen protesters in London and in Manhattan, while Uber’s headquarters in New York City saw about 100 protestors.
Similar numbers were seen in San Francisco, Uber’s home town, where media coverage made the strike a success, drawing a crowd of 100.
‘Whether it's being able to track your earnings or stronger insurance protections, we'll continue working to improve the experience for and with drivers,’ Uber said.
Lyft also under fire
Uber has previously argued that its main business is a platform that brings riders and drivers together. And the money-losing company is under pressure to cut costs.
Many drivers also demanded better pay from Uber rival Lyft as well, however Lyft said its hourly wages have risen over the last two years and average over $20 per hour.
Both Uber and Lyft recently slashed the per-mile rate for drivers in Los Angeles and San Francisco and increased other factors. Drivers have protested that they have estimated a loss of 10% to 20% in earnings since the changes.
Trade Uber's IPO
IG offers a number of ways to benefit from Uber's IPO, both before and after the listing.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Live prices on most popular markets