Ride-hailing drivers across the world went on strike on Wednesday, ahead of Uber Technologies Inc.’s UBER, +0.00% initial public offering, which is expected to price on Thursday.
The drivers are protesting the large payouts that will go to Uber’s founders, executives, and investors after the IPO takes place, arguing that the company’s top leaders will get wealthy while benefiting from a business model that exploits workers. The company itself could raise up to $9 billion through its offering, which would value Uber at upwards of $83 billion at the high end of its expected pricing range of $44 to $50 a share.
