After a long day of driving for Uber and Lyft, this fella decided to work out exactly how much money he'd be taking home after paying taxes and expenses on his income as an independent contractor. While there's certainly a number of tax loopholes and write-offs that he could be taking advantage of, it looks like, for most people, driving for Uber or Lyft isn't worth the time.
Uber and Lyft are still waiting for feedback from the U.S. securities regulator on their confidential submissions for IPOs, Bloomberg reports tonight, citing people familiar with the matter who aren’t disclosing their identities.
The Ontario Court of Appeal has ruled that Uber can't use binding arbitration "agreements" to stop its drivers from joining a class action suit against the company; the court held that the arbitration clause was "illegally outsourcing an employment standard."
Writing in New York Magazine, Naked Capitalism's Yves Smith draws on Hubert Horan's outstanding series on the underlying economics of Uber to describe why the company's IPO will be a terrible bet for the investors who buy into it.
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