Protesters march through the financial district, demanding fair wages and more transparency, during a strike against Uber in San Francisco on May 8 2019. Picture: REUTERS/KATE MUNSCHThousands of Uber and Lyft drivers turned off their apps in a US-wide strike on Wednesday over pay and working conditions, casting a shadow over this week’s keenly anticipated Wall Street debut of ride-hailing leader Uber.
It will also come in the rear-view mirror of a troubled market debut for Uber’s largest US rival Lyft, which has lost more than 15% of its value since its March IPO. Similar actions took place in Boston, Chicago, Los Angeles, San Diego, Washington and in Uber’s home town, San Francisco. “In particular, as we aim to reduce driver incentives to improve our financial performance, we expect driver dissatisfaction will generally increase.”Lyft’s losses in the past quarter widened to $1.1bn, according to its first financial report as a public company.
The ride-hailing firm said in a securities filing it would sell 207-million shares in a range of $44-$50 dollars. According to a source close to the matter, Uber hopes to price its shares in the middle of that range and raise about $8bn in fresh funding. Uber is “paving a similar road” to what Amazon did to e-commerce and Facebook did for social media, he contended, expressing confidence in the company.Uber envisions becoming the “Amazon of transportation” in a future where people share instead of own vehicles.
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