Uber could be worth $90 billion. Most drivers won't see much of it.
Uber's upcoming IPO: $90 billion.
Average Uber driver hourly pay: Less than $19 per hour.
Based on an updated SEC filing, the company is worth up to $90 billion. And drivers are realizing they won't see much of it unless they've driven a lot for the ride-hailing company.
SEE ALSO:Uber beats Lyft with IPO payout to driversThe official Uber IPO is expected by the second week of May and will trade on the New York Stock Exchange with the ticker symbol "UBER." While Uber outlined a $300 million payout plan for 1.1 million Uber drivers, some of the contract workers that literally drive the company's core service also want more transparency, better wages, and more benefits like health care and higher earning potential.
The drivers who do choose to take advantage of the stock purchase plan won't be able to afford very much of it. A driver with 2,500 rides under their belt would get $100, which they could use to buy two shares at the expected IPO price of "between $44 and $50," and it would take them more than two hours of driving just to buy a single share of Uber.
In the updated filing on Friday, Uber included more payout rewards for drivers who have driven 30,000 and even 40,000 trips during their time as an Uber driver. The reward previously maxed out at $10,000 for 20,000 or more trips; now it's $20,000 and $40,000, respectively for those higher levels.
A Gig Workers Rising protest is scheduled at Uber headquarters the week of the expected IPO. Other demonstrations will be held in different cities.
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Last week driver earnings app Gridwise released hourly ride-hailing driver wage data from the first part of this year. It found that the average hourly driver rate is $18.65 based on 30,000 drivers taking 810,000 trips throughout the U.S.
Uber's IPO valuation is smaller than expected, but still shadows over smaller rival Lyft. Lyft went public last month at $72 per share and a $24 billion valuation.
Uber was expected to hit a market cap as high as $120 billion at one point, according to Bloomberg and other outlets. Its last valuation as a privately held company was $76 billion. The lower number is concerning, especially as Uber has never been profitable and isn't growing as quickly as before. Kruze Consulting confirmed that Uber’s commanding lead over Lyft in the U.S. is slipping — even if only slightly. Uber still dominates around the globe.
Despite concerns, Uber's IPO filing listed CEO Dara Khosrowshahi's total compensation last year around $45 million. COO Barney Harford's total pay was even higher at roughly $47 million. Drivers are decidedly not cool with how the company is divvying up the pie.
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