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- Uber drivers are set to receive up to $40,000 each as a "driver appreciation reward" ahead of the company’s initial public offering.
- The ride-hailing giant expects to pay around $300 million to more than 1.1 million drivers worldwide this weekend.
- Uber drivers will receive one of six different cash rewards based on the number of trips they’ve completed.
- Uber has also reserved 5.4 million shares for drivers to purchase at the IPO price, expected to be between $44 and $50.
- Visit MarketsInsider.com for more information about Uber.
Uber drivers are set to receive up to $40,000 as a "driver appreciation reward" ahead of the ride-hailing giant’s initial public offering.
The company announced in a Securities and Exchange Commission filing published on Friday that it would pay around $300 million to its more than 1.1 million drivers worldwide. It expects to make the payments on or around April 27.
"To acknowledge drivers who have participated in our success, we are paying a one-time cash driver appreciation reward to qualifying drivers in jurisdictions where we operate through owned operations," Uber said in the filing.
Eligible US drivers will receive one of six different cash rewards based on the number of Uber trips they’ve completed. Drivers are in line to earn $100 for making at least 2,500 trips, $500 for at least 5,000 trips, $1,000 for at least 10,000 trips, and $20,000 for at least 20,000 trips.
The largest reward — for 40,000 trips — is $40,000.
To qualify for the reward, drivers must have completed at least 2,500 Uber trips, including one this year as of April 7, and their account must be in good standing. Payouts to non-US drivers will be adjusted to reflect different average hourly earnings across regions.
Uber is also giving its drivers a chance to buy its stock before the general public. It has reserved 5.4 million shares for drivers through a directed share program. Drivers who qualify for the driver-appreciation reward will be able to buy those shares at the IPO price, which Uber expects to be between $44 and $50 a share.
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Source: Business Insider – tmohamed@businessinsider.com (Theron Mohamed)