Uber’s upcoming initial public offering is estimated to be around 9 billion dollars, the largest IPO in history. Although early investors can expect to gain a lot from this IPO, the drivers that make the company possible won’t be gaining anything. Uber drivers are planning to go on strike on May 8th in seven US cities. Drivers find it difficult to earn a living wage as an app-based driver, and two-thirds of drivers depend on Uber as their largest source of income. In February, New York City passed a law that required ride-hailing companies to pay their drivers at least $17.22 an hour after expenses, a figure that's meant to account for idle time as many drivers spend half of their time waiting for their next job. Unions in other large cities are looking to push for a similar law, as well as ways to appeal the deactivation of a driver's account.
See "Uber's $9 billion IPO rests on drivers' 80-plus hour workweeks and a lot of waiting", Michelle Rodino-Colocino, International Business Times, April 30, 2019