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Uber is paying drivers up to $40,000 each to celebrate its IPO

Published 04/28/2019, 11:01 AM
Updated 04/29/2019, 10:15 AM
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  • Uber (NYSE: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 said it expected to pay about $300 million to more than 1.1 million drivers worldwide this weekend.
  • Uber said drivers would receive one of six cash rewards based on the number of trips they've completed.
  • Uber said it had 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 expected to pay about $300 million to more than 1.1 million drivers worldwide on or around Saturday.

"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.

Uber said eligible US drivers would receive one of six cash rewards based on the number of Uber trips they've completed: $100 for making at least 2,500 trips, $500 for at least 5,000 trips, $1,000 for at least 10,000 trips, $10,000 for at least 20,000 trips, $20,000 for at least 30,000 trips, and the largest, $40,000, for at least 40,000 trips.

To qualify for the reward, drivers must have completed at least 2,500 trips, including one this year, as of April 7, and have an account in good standing. Uber said payouts to non-US drivers would be adjusted to reflect different average hourly earnings across regions.

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Uber is also giving its drivers a chance to buy its stock before the general public, saying it had 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.

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