Uber and Lyft reportedly giving some drivers cash bonuses to use towards buying IPO stock
Uber and Lyft are reportedly planning to give some of its drivers cash bonuses with the intent that those drivers would then be able to use the cash to purchase stock in the two companies’ respective impending IPOs, according to a new report from The Wall Street Journal.
It’s a complicated workaround to a unique problem facing the ride-sharing companies, who can’t grant stock to their drivers due to Securities and Exchange Commission rules that prevent giving private company stock shares to contractors, who technically aren’t considered full-time employees under the law. And while the SEC has requested comments from companies as to whether or not it should change that rule, it’s unlikely that even with the support of Uber, Lyft, and...
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