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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.


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See an opportunity to trade?

Uber listed its shares on the New York Stock Exchange in May 2019. Find out more about the valuation, as well as how you can trade in Uber stock.

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