LYFT INC (LYFT)

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Uber and Lyft drivers go on strike days before Uber's IPO

By Caoimhe Toman

Date: Tuesday 07 May 2019

LONDON (ShareCast) - (Sharecast News) - US Uber and Lyft drivers are planning to strike on Wednesday in New York in solidarity with drivers in London just two days ahead of Uber's stockmarket debut.
The New York Taxi Workers Association is calling on US-based drivers to stand in solidarity with drivers in London and log off from both Uber and Lyft on 8 May for two hours, between 7am and 9am.

It also sent a message to NY citizens asking them not to use those apps during that time to support the drivers demanding job security and livable incomes.

"In the IPO filing, Uber said drivers will only get more dissatisfied because they plan to cut our pay and stop incentives," NYTWA member Sonam Lama said in a press release. "We don't want our wages to stay just minimum. We want Uber to answer to us, not to investors. The gig economy is all about exploiting workers by taking away our rights. It has to stop. Uber is the worst actor in the gig economy."

NYTWA Executive Director Bhairavi Desai said in a press release: "Wall Street investors are telling Uber and Lyft to cut down on driver income, stop incentives, and go faster to Driverless Cars. Uber and Lyft wrote in their S 1 filings that they think they pay drivers too much already. With the IPO, Uber's corporate owners are set to make billions, all while drivers are left in poverty and go bankrupt."

Drivers are also organising a protest at Uber's HQ in San Francisco, followed by a 12-hour app shutoff.

An Uber spokesperson told TechCrunch: "Drivers are at the heart of our service - we can't succeed without them - and thousands of people come into work at Uber every day focused on how to make their experience better, on and off the road.

"Whether it's more consistent earnings, stronger insurance protections or fully funded four-year degrees for drivers or their families, we'll continue working to improve the

Lyft drivers went on strike in San Francisco and San Diego.

"Lyft drivers' hourly earnings have increased over the last two years, and they have earned more than $10 billion on the Lyft platform," a Lyft spokesperson told TechCrunch.

"Over 75% drive less than 10 hours a week to supplement their existing jobs. On average, Lyft drivers earn over $20 per hour. We know that access to flexible, extra income makes a big difference for millions of people, and we're constantly working to improve how we can best serve our driver community."

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LYFT INC Market Data

Currency US Dollars
Share Price $ 16.52
Change Today $ 0.71
% Change 4.46 %
52 Week High $18.59
52 Week Low $9.73
Volume 11,567,480
Beta 0.00
RiskGrade 258

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