Uber drivers threaten protests but $9 Billion IPO rides on

Gestures of goodwill by Lyft and Uber to offer IPO stock to their most loyal drivers haven’t eased tensions.

By Anne VanderMey | May 08, 2019 at 10:50 AM

The protests will be familiar to anyone who was following Lyft Inc.’s IPO, which valued the business at $25 billion in March. (Photo: Andrew Harrer/Bloomberg)

(Bloomberg) — Simmering tensions between drivers and ride-hailing companies are flaring again, as drivers in major cities across the U.S. and the U.K. went on strike Wednesday over low wages and unstable working conditions.

Billed as an international protest in advance of Uber Technologies Inc.’s planned initial public offering this week, drivers in London and nearby cities said they would turn off their apps at 7 a.m. on May 8. In the U.S., driver groups in Boston, Los Angeles, New York, San Francisco and other large cities said they would participate in the strike and encouraged users to boycott the apps as well.

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