Uber and Lyft drivers plan to strike ahead of Uber’s IPO
Uber is scheduled to go public. By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow May 6 at 9:55 AM Just ahead of Uber’s hotly anticipated initial public offering, slated to be one of the biggest in history, drivers for the ride-hailing company and its top rival, Lyft, will stage a walkout over working conditions and wages.
“Wall Street investors are telling Uber and Lyft to cut down on driver income, stop incentives, and go faster to Driverless Cars,” Bhairavi Desai, executive director of the taxi alliance, said in a news release. “With the IPO, Uber’s corporate owners are set to make billions, all while drivers are left in poverty and go bankrupt.
After Lyft’s disappointing debut, analysts said, several tech companies recalibrated their IPO strategy, pricing more conservatively to build momentum and sustain investor demand. Uber, which was once forecast to debut at more than $100 billion, is expected to set an IPO range of $44 to $50, giving it a $91.5 billion valuation at the high end.
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