Lyft is giving a small group of its most-prolific drivers an opportunity to buy stock in the company at its listing price. It could set the stage for how other gig economies reward their contractors as they go public, JMBooyah writes.
Lyft has worked hard to build a kinder, gentler image since its founding in 2012, when it was just a small group of drivers in San Francisco with fluffy pink mustaches adorning the grills of their cars.
Whether Lyft’s stock model is generous to drivers depends on who you ask, but it could set the stage for how other gig economies reward independent contractors as they go public.expected to introduce a similar stock model for drivers in its initial public offering in the coming months. The company declined to comment.
Amassing 10,000 rides takes a lot of time — making it out of reach for the large portion of contractors who view Lyft as a part-time opportunity to supplement their income. But it’s a figure that longtime drivers and some who drive full-time for the service say they have been able to hit. “I'm honestly just grateful that I get the opportunity to even buy shares,” said Fan, a San Francisco driver who said she made an average of $1,300 a week driving 12 to 14 hours a day. Fan has a full-time job now and drives part time.Other drivers are less interested in purchasing stock. Nicole Moore, an organizing member of Rideshare Drivers United — a group advocating for better wages from Uber and Lyft — said many would rather spend the money on things they need, like car maintenance.
As the event was underway, about a dozen drivers were making their way to Sacramento to meet with members of Gov. Gavin Newsom’s cabinet to discuss wages and what they call a driver’s bill of rights. The governor’s office reached out after Rideshare Drivers United rallied outside Newsom’s downtown Los Angeles office in January.
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