Uber and Lyft say they're ending services in Minneapolis over a city-mandated driver pay increase. The city council pushed through the measure to bring driver pay closer to the local minimum wage of $15.57 an hour.
I guess there is going to be a split on this in terms of what people think. Obviously ride share drivers would love this, and since the only time I’m in Minneapolis is when I’m on business, it’s my company footing the bill, not me.
However - if it was me footing the bill, I’m sure I’d be much less inclined to take a Lyft/Uber. However, ending ops over this is stupid, because there will be people that will pay for it, business or personal. Let the market decide what’s palatable.
Everyone’s wallet is shrinking due to the rampant inflation over the past several years, and if you’re a full time ride share driver, it’s hard to cut even with the rising costs all around. Even before the inflation was hard. Vehicles don’t run on hopes and dreams and need maintenance.
But it’s a tactic, right? They could still make money, if a bit less, by operating in Minneapolis. But they can put pressure on residents to try and get it repealed by stopping, and try to send a message to other cities.
Uber is making way more money than they let on. They got caught stashing millions over seas. They and lyft both take over half of the transaction on average and have reduced their support teams to mostly bots and people who can barely read.
I guess there is going to be a split on this in terms of what people think. Obviously ride share drivers would love this, and since the only time I’m in Minneapolis is when I’m on business, it’s my company footing the bill, not me.
However - if it was me footing the bill, I’m sure I’d be much less inclined to take a Lyft/Uber. However, ending ops over this is stupid, because there will be people that will pay for it, business or personal. Let the market decide what’s palatable.
Everyone’s wallet is shrinking due to the rampant inflation over the past several years, and if you’re a full time ride share driver, it’s hard to cut even with the rising costs all around. Even before the inflation was hard. Vehicles don’t run on hopes and dreams and need maintenance.
But it’s a tactic, right? They could still make money, if a bit less, by operating in Minneapolis. But they can put pressure on residents to try and get it repealed by stopping, and try to send a message to other cities.
No, they barely make money as it is
Lyft is losing money, Uber is barely profitable
Uber is making way more money than they let on. They got caught stashing millions over seas. They and lyft both take over half of the transaction on average and have reduced their support teams to mostly bots and people who can barely read.
Millions? That’s almost as much as they make in a day
Tell us you don’t understand gross revenue versus net profits without telling us.
Uber increased the cash on hand by 139M in the 4th quarter, so they definitely make more than a million a day net profit