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That means people who can buy at the opening price realize an immediate gain. The Los Angeles tech company Snap, for instance, closed its first day up 44 percent, although it since has fallen significantly. Some drivers are disgruntled at being left out. He has about 8, rides because he drove full-time for just two years and has been part-time since then while caring for his two children.
After averaging about 35 hours a week since then on both ride-hailing services, he has about 10, Lyft rides and 11, on Uber. He aims to make it a fun time for passengers with a karaoke machine and disco ball in his Acura MDX — and that helps with tips, too. I deserve a little bit more, but it is what it is. Several other big tech companies have offered opening-day prices to regular folks such as Square merchants and Etsy craftspeopl e who contributed to their success.
It allowed its peer-to-peer lenders — the people who used its website to make loans to small businesses and individuals — to invest at the opening price, although they could only buy shares each. The little guy always gets left out of IPOs, so it was a way to include regular people. That was very appealing and increased loyalty for some time until the stock tanked. Carolyn Said is a San Francisco Chronicle staff writer.
Email: csaid sfchronicle. Most Popular. Only a handful of drivers are likely to get a slice that big. Top of the News. For over a year Rob Mead has worked as an Uber driver in Reno, Nevada, to supplement his income as a public sector worker. This week Lyft started its investor roadshow as it prepares for its stock market listing. Uber and Lyft are planning to give some long-term drivers money to buy stock, granting them access to the hotly anticipated IPOs.
But only a minority will be eligible and in the meantime drivers are organizing for better wages rather than bonuses. He has not heard anything from Uber regarding stock grants for drivers, but said he had recently had his pay slashed by the company. According to Uber, there are currently , active Uber drivers throughout the United States and close to 3 million globally , many of whom have reported often making less than minimum wage and struggling to cover the expenses associated with driving.
The low pay and high expenses have resulted in high employee turnover. Uber recently changed the bonus scale for drivers, a move Migs said drastically reduced his pay. His Uber employee account has been hacked twice, and Migs spent several weeks without pay while the issue was sorted. Efforts by drivers across the United States to organize and push for better working conditions and wages have been met with significant resistance from the companies.