Uber's IPO went off amid outcry over labor conditions and wages
Yesterday, just ahead of the IPO, Uber and Lyft drivers across the country went on strike over labor conditions and poor pay. It’s unclear how the IPO might affect drivers, but Uber said in a statement drivers were “at the heart of our service” and vowed to “continue working” on improving the experience.
In a letter to employees, Uber’s Chief Executive Officer Dara Khosrowshahi warned that as the company transitions from private to public “all eyes will be on us” and that it will undoubtedly face more scrutiny. Since Lyft’s public offering at the end of March, the company’s stock prices have dropped nearly 30 percent. That may not bode well for Uber, especially given the company’s recent lackluster earnings.