Ride-sharing giant, Uber is letting drivers get stock options in preparation of the company’s IPO, TechCrunch reports.
Driver’s who have logged 2,500, 5,000, 10,000 or 20,000 rides will receive $100, $500, $1,000 or $10,000 in common stock. Uber is also set to give drivers who have completed less rides smaller cash bonuses.
Uber’s program has been in the works since 2016, but struggled to come to fruition because of security hurdles that stops non-full time employees from holding private stock in a company.
Uber’s biggest competitor, Lyft announced in March that it was also launching a program to compensate drivers with stock.
Uber and Lyft have extended other consumer offerings and other rewards programs for riders in an effort to gain new customers and retain old ones.
Discounts on Lyft and Uber have become more common, especially as other ride-share companies like Via and Maven have entered the space. Last month Uber announced its rewards program that lets customers earn points for taking rides and ordering from Uber Eats.
Despite Uber’s losing $1.8 billion each year, the company is still valued at around $100 billion. The company is set to be one of the largest IPOs since Alibaba.
