Uber and Lyft would give drivers money to buy shares in their respective IPOs – TechCrunch


Uber and Lyft would be about to give money to some of its drivers to allow them to buy shares in the respective initial public offerings of the transport companies, reported the Wall Street Journal earlier in the day.

Quoting people familiar with the subject, the WSJ said that Uber and Lyft will reward some of their most active or experienced drivers with a cash reward with an option to buy shares in the initial public offers. Uber's program would cost hundreds of millions of dollars; on a sliding scale, which takes into account the time spent by the driver at Uber, as well as the number of trips or deliveries made.

The move came after Dara Khosrowshahi, CEO of Uber, said in May that the company was seeking to provide benefits and insurance to its drivers. According to the WSJ, Uber plans to provide pilot actions to the company since 2016.

Lyft, on the other hand, would intend to give drivers who made at least 20,000 rides $ 10,000 in cash reward or an equivalent amount in stock.

Uber and Lyft have both privately filed IPOs. Lyft is expected to debut on Nasdaq next March. Neither Uber nor Lyft have disclosed the number of actions that they expect to offer.

TechCrunch has contacted Uber and Lyft and will update this story if we have new news.

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