Last week, UBER CEO Dara Khosrowshahi was granted stock options valued at over $136 million as UBER stock prices and corporate profits continue to soar, with the company now valued at over $120 billion. Meanwhile, drivers across the country experience an ongoing erosion of earnings as the company increasingly moves towards algorithmic pay discrimination, using complex technology to offer each driver the absolute minimum fare that they’ll accept.

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All those dollars shaved off of driver pay sure do stack up, leading to record UBER profits of nearly $1.5 billion last year.

So what’s UBER doing with all that money?

Are they working to create robust systems to promote driver safety?
Absolutely not.

Are they making sure that each driver is able to earn a living wage?
Not a chance.

Instead, these record profits are going to line the pockets of corporate executive multimillionaires. Last month, UBER announced a stock buy-back program that plans to repurchase up to $7 billion in UBER stock. 

Corporate executives often claim that stock buy-backs demonstrate confidence in the future of their company. That may be true in some cases, but another fact is almost always true: buy-back programs push up stock prices, putting money directly into the pockets of those same executives, who often receive much of their compensation in the form of stock options.

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And that’s exactly what we’re seeing at UBER right now. Just as CEO Dara Khosrowshahi is awarded the option to purchase $136 million in UBER stock at advantageous prices, his announcement of a stock buy-back program pushes up the price at which he can sell those shares; shares padded by record setting profits earned on the backs of underpaid drivers.

Nice work if you can get it.

Legislation championed by Drivers Union has stopped UBER from deploying algorithmic pay discrimination in Washington state and ensured that drivers and their families are financially protected should tragedy strike on the road.

Sign our 4 Way Stop petition as we continue the fight to stop high corporate fees, unsafe driving conditions, oversaturated roads, and the overcharging of riders. Unless we fight back, corporate executives will continue to pocket an ever growing piece of the pie.