Wednesday, September 3, 2014

"Frustrated Uber drivers take to the streets to protest shrinking fares"

What valuation was the last round done at? $18.2 Billion?
Sure, why not.
From Pando:
Uber passengers may be celebrating the latest round of price cuts as the company continues on its mission to undercut the cost of car ownership. But drivers are none too pleased, arguing that the bargain pricing is threatening their ability to make a living via the service.

In Los Angeles, more than 50 area Uber drivers gathered in North Hollywood Tuesday evening to protest the cuts. This, a week after Southern California Uber drivers aligned themselves with the local chapter of the Teamsters union (as independent contractors, drivers can’t technically unionize) citing the need to fight for better working conditions. LA area drivers held a similar protest outside Uber’s Santa Monica offices in June of this year.

Last night, driver Aya Valilar, an 18 month veteran of the service, told CBSLA, “None of us have anything against the app. We love the app. I’ve experienced four cuts since I started. It was $2.50 a mile when I started a year-and-a-half ago, and now we are at $1.10 a mile. You can’t make a living off of that.” John Dabbah, another driver, echoed these frustrations, saying, “At the beginning, it was $2.50 a mile. People, they financed cars, they bought cars. They made money at the beginning. Now they are dropping the price day after day without even asking the driver.”...MORE