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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...
Monica Poindexter will be Lyft’s newest Diversity and Inclusion Officer as the ride-sharing giant heads toward an IPO, according to TechCrunch. “The tech industry moves extremely fast, which can sometimes lead to the sacrifice of establishing a core foundation, or launching something without the proper infrastructure,” Poindexter said. “I am a firm believer that this approach does not work with advancing diversity efforts.” Poindexter will be leading all of Lyft’s diversity efforts. Hopefully, she can improve some of the company’s dismal numbers from its most recent report which showed that Black people make up a little more than 10 percent of the company’s workforce, while whites make up 52.4 percent. The report also showed that 40 percent of Lyft employees are women, with 32.8 percent being in leadership positions. Lyft improved 3 percentage points in the number of female tech team members and 4 percentage points in Black or African American team members over the course of a year....
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...