Days before Uber’s expected IPO, drivers for ride-hailing companies protested for better pay near Wall Street
Drivers and their supporters protest Wednesday against Uber and other app-based ride-hailing companies near the Wall Street Charging Bull in lower Manhattan. Photo: Drew Angerer/Getty Images By Kristin Broughton Updated May 8, 2019 5:44 p.m. ET Drivers for ride-sharing companies protested Wednesday, saying companies such as Uber Technologies Inc. and Lyft Inc. have failed to pay drivers a living wage.
To investors, the protests were an embodiment of risk factors described in Uber’s initial public offering filing. Chief among them: its reputation, particularly as it relates to drivers. The company risks losing drivers or customers if its image takes additional hits, it said in its filing. “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,” an Uber spokesman said in a statement. He added that driver benefits include insurance protections and educational benefits.
Newsletter Sign-up Uber’s main U.S. competitor, Lyft, which began trading on the Nasdaq Stock Market last month, told investors in its prospectus that perception surrounding its treatment of employees is a risk to the company. And so are negative perceptions related to the ride-sharing industry as a whole, the company said in the filing.
The protests across New York, organized by groups such as the New York Taxi Workers Alliance and the Independent Drivers Guild—which scheduled a procession of Uber and Lyft vehicles over the Brooklyn Bridge—were promoted on social media with hashtags such as #StrikeUberLyft, #LyftStrike and #UberShutDown.
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