{"id":8272,"date":"2019-05-07T06:48:53","date_gmt":"2019-05-07T05:48:53","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=8272"},"modified":"2019-09-09T12:06:49","modified_gmt":"2019-09-09T11:06:49","slug":"uber-may-ipo-be-with-you","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/05\/uber-may-ipo-be-with-you\/","title":{"rendered":"May the IPO Be With You"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">3 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8274 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you.jpg\" alt=\"Uber lyft strike over working condition\" width=\"800\" height=\"533\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-300x200.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-768x512.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-370x247.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-760x506.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-424x282.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><em>by Gorica Gligorijevic<\/em><\/p>\n<p><span style=\"font-weight: 400;\">On the eve of expected IPO, drivers of both Uber and their competitor Lyft are planning to stage a strike across the USA on May 8.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the upcoming IPO for Uber, a ride-hailing company, 2019 season of unicorn and decacorn tech IPOs is scheduled to continue. Analysts are projecting a <a href=\"https:\/\/traders-paradise.com\/recommends\/how-to-trade-options\">valuation<\/a> of Uber to reach between $91B and $120B, very possibly reaching rarified air heights of valuation above $100B. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">By breaking this barrier Uber would become only second hectacorn after the Ant Financial. Such valuation would bring a windfall for both the <a href=\"https:\/\/traders-paradise.com\/recommends\/trading-with-success-guide-for-beginners\">shareholders<\/a> and the company which is often castigated for burning its cash <a href=\"https:\/\/traders-paradise.com\/recommends\/monetizing-bitcoin\">reserves<\/a>.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/uber-may-ipo-be-with-you\/#But_not_everything_is_rosy_in_the_Uber-land\" >But not everything is rosy in the Uber-land.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/uber-may-ipo-be-with-you\/#One_of_the_biggest_complaints_of_drivers_is_work_insecurity\" >One of the biggest complaints of drivers is work insecurity.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/uber-may-ipo-be-with-you\/#Doom_isnt_the_worst_scenario\" >Doom isn&#8217;t the worst scenario<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/uber-may-ipo-be-with-you\/#Wall_Street_has_already_voiced_its_opinion\" >Wall Street has already voiced its opinion.<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"But_not_everything_is_rosy_in_the_Uber-land\"><\/span><b>But not everything is rosy in the Uber-land. <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For the May 8, Uber and Lyft drivers in the USA are planning to stage a strike against the working conditions and the company\u2019s policies. Drivers in Chicago, Los Angeles, New York, and San Francisco are planning to log off during the morning rush, between 7 A.M. and 9 A.M. local time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are indications that they will be joined by their colleges across the country, but also in London. In cities which are hosts to Uber\u2019s offices, the plan is to also stage a protest in front of them, and such events are expected both in the USA as also in other countries where Uber is operating.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Organizers and supporting organizations of this protest, such as Rideshare Drivers United \u2013 Los Angeles and the New York Taxi Workers Alliance (NYTWA), are demanding safer and more secure work environment and that the company ensures that its drivers actually can make a living off their income. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On May 3 NYTWA has published a <\/span><a href=\"http:\/\/www.nytwa.org\/home\/2019\/5\/3\/strike-uber-lyft-all-app-drivers-on-wed-may-8th-7am-9am\"><span style=\"font-weight: 400;\">post<\/span><\/a><span style=\"font-weight: 400;\"> on their web site has announced their plan to support the strike. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Their members, among which are not just cab but also Uber, Lyft and Juno drivers; have decided by vote to support their colleges from Uber around the world. \u201cWith the IPO, Uber&amp;#39;s corporate <a href=\"https:\/\/traders-paradise.com\/recommends\/financial-markets-important-guide\">owners<\/a> are set to make billions, all while drivers are left in poverty and to go bankrupt\u201d, states the post. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The organizers have listed as one of the demands that the driver\u2019s commission is guaranteed and set in the 80-85% range. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While drivers in New York have fought and <\/span><span style=\"font-weight: 400;\">won a guaranteed equivalent of $17.22 because the drivers themselves must pay the payroll tax it accounts for $15 hourly rate, various fees imposed on them by Uber eat almost half of their incomes.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"One_of_the_biggest_complaints_of_drivers_is_work_insecurity\"><\/span><b>One of the biggest complaints of drivers is work insecurity. <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8275 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2.jpg\" alt=\"uber and lyft strike\" width=\"800\" height=\"450\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2-300x169.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2-768x432.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2-370x208.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2-760x428.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/may-the-ipo-be-with-you-2-424x239.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Particularly telling are the cases of drivers who were fired with no explanation whatsoever, among them some have reasons to suspect that it was a retaliation for the participation in previous protests against Uber\u2019s corporate policies. And with the company flooding streets with new drivers work is less and less certain as the competition for fares grows. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But many voices are concerned with the other side of this situation. With an increased number of novice drivers, who are not yet familiar with the Uber driver\u2019s app, quality of <\/span><span style=\"font-weight: 400;\">services is sharply plummeting. And with company\u2019s very lax background check of drivers, it is more than reasonable to presume that the safety of customers is also affected, while Uber didn\u2019t have a glowing reputation for safety, to begin with.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As adding fuel to this flame comes the content of <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1543151\/000119312519103850\/d647752ds1.htm\"><span style=\"font-weight: 400;\">Uber\u2019s S-1<\/span><\/a><span style=\"font-weight: 400;\"> filing and the immediate reaction from the Wall Street analysts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe have incurred significant losses since inception. We incurred operating losses of $4.0 billion and $3.0 billion in the years ended December 31, 2017, and 2018, and as of December 31, 2018, we had an accumulated deficit of $7.9 billion\u201d, is stated in the filling. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Doom_isnt_the_worst_scenario\"><\/span><strong>Doom isn&#8217;t the worst scenario<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Though these are not the worst of the doom and gloom Uber is placing in their documents, they are obviously hoping to emulate the Lyft, who had a decent IPO featuring the similar sentiment in their own filling. The trump card of Uber\u2019s IPO is two numbers which show that they are both a huge company and a very small start-up. They are boasting that their drivers have completed more than 10 billion of rides in 63 countries during 2018, but they make just a measly 2% of public commutes over the same period. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But this double scale of size may prove to be irrelevant as the filing states that the company will need to generate and sustain increased revenues and decrease proportional expenses \u201cand even if we do, we may not be able to maintain or increase profitability.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Uber is intending to continue, and actually increase the level of, investments into driverless cars, e-bikes, and e-scooter.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In essence Uber plans to cannibalize own business model in an effort to achieve profitability. In other words, Uber which was promising to disrupt the world of daily commutes is now disrupting its own business outlook.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wall_Street_has_already_voiced_its_opinion\"><\/span><b>Wall Street has already voiced its opinion.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Uber must decrease its expenses (read: cut down drivers\u2019 commissions) to achieve profitability. Though the company in its early days have attracted many part-time drivers who saw it as an opportunity for extra income through a side gig, for the majority of current drivers is the only source of income. Besides that, they are also working extremely long hours in a very uncertain environment, where they literally do not know whether they will have a job the next day. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">And psychological professionals cite these stressors as primary factors behind suicides of 8 Uber drivers in the USA over the past year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/04\/morgan-stanley-taking-lyft-for-a-short-ride\/\">public<\/a> figures and activist investors were speaking for years against the business model of Uber. But maybe the worst condemnation of it comes from company\u2019s own filing on the eve of their IPO: \u201cOur workplace culture and forward-leaning approach created operational, compliance, and cultural challenges and our effort to address those challenges may not be successful\u2026 a failure to rehabilitate our brand and reputation will cause our business to suffer.\u201d<\/span><\/p>\n<p><strong>Don&#8217;t waste your money!<\/strong><\/p>\n<p><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\"><b>risk disclosure<\/b><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>3 min read by Gorica Gligorijevic On the eve of expected IPO, drivers of both Uber and their competitor Lyft are planning to stage a strike across the USA on May 8. With the upcoming IPO for Uber, a ride-hailing company, 2019 season of unicorn and decacorn tech IPOs is scheduled to continue. Analysts are [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":8276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1010,1004],"tags":[951,952,894,953,954],"class_list":["post-8272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-overviews","category-latest-financial-news","tag-drivers","tag-ipo","tag-lyft","tag-strike","tag-uber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uber and Lyft Drivers Strike Against Working Conditions<\/title>\n<meta name=\"description\" content=\"Uber and their competitor Lyft drivers are planning to stage strike across the USA on May 8 together against 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