Some Lyft and Uber drivers could be in for a major pay day.
In its long race to becoming a publicly traded company, Lyft has finally made its IPO application paperwork public. The company is set to beat its main competitor Uber to IPO, and now some Lyft drivers will reap the benefits of the move, according to the Wall Street Journal.
Lyft and Uber have both launched programs to give their best and longest-serving drivers cash benefits and stock options. Lyft is giving drivers who have logged more than 10,000 rides, $1,000 that can be used to buy stock in the company. Drivers who’ve logged more than 20,000 rides can receive $10,000 in stock or cash.
Uber’s program has been in the works since 2016, but struggled to come to fruition because of security hurdles that prevents non-full time employees from holding private stock in a company.
Both companies have been neck and neck in expanding offerings, promotions and venturing to other forms of transportation. Lyft and Uber have each started eyeing the bike-sharing and scooter-sharing industries, while building out partnerships that teach kids and young adults how to code.
Lyft is expected to officially IPO later this year.