Uber Investors Get to Cash Out, While Drivers Struggle to Survive

Deactivate Uber Billionaires – Uber Investors Get to Cash Out, While Drivers Struggle to Survive on Poverty Wages

San Francisco — Today, drivers organized through the Mobile Worker Alliance and Gig Workers Rising protested at three targeted locations:

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  • Garrett Camp's $71 million mansion in Los Angeles, CA (Mobile Workers Alliance
  • Bill Gurley's mansion in Atherton, CA (Gig Workers Rising)
  • Google Ventures office in San Francisco, CA (Gig Workers Rising)

The purpose of the protest was to draw attention to the disparate realities of the drivers who power Uber and early investors who continue to profit while drivers struggle.

Today, November 6, is the first day that Uber investors are able to cash out since the company went public on the stock market in May. Drivers are drawing a contrast between the lavish homes and offices of investors and the impoverished reality of their lives. At each action, drivers spoke about their experiences, gave “Poverty Creator of the Year” awards and offered “Open House” tours of the cars they live and work in.

Uber drives struggle to afford bills

By drawing a contrast between the struggles of drivers and the lavish mansions of billionaire investors, drivers are pointing to the material impacts they experience due to a lack of worker protections. Drivers continue to demand employee status, an independent drivers union, guaranteed living wage, after expenses, benefits like healthcare, paid time off and transparency on company policies.

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“For too long Uber executives have raked in millions while drivers struggle working long hours day after day. Not any more. Drivers are the investors Uber should be concerned about - it’s our cars, our insurance, our gas, our tires, our oil that we pour into making gig companies successful.  It’s our labor that buys mansions for rideshare executives while we are sleeping in our cars.” - Mostafa Maklad a Bay Area Uber driver

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Gig Workers Rising is a California based campaign that supports drivers and other app workers who are fighting for a living wage, a voice at work, and real benefits from companies like Uber and Lyft.

Mobile Workers Alliance is a rideshare driver and app based worker led movement thousands strong across Southern California who have been organizing for living wages, benefits, and the right to form a union.



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver