Uber shares fall as early investors get first chance to sell

Levi Sumagaysay, The San Diego Union-Tribune on

Published in Business News

"(Investors) make billions and millions while we make less than $9 an hour," said Mostafa Maklad, who drives for Uber in San Francisco and was at the protest in front of Gurley's house Wednesday. "They live in fancy mansions while a lot of drivers have to live and sleep in their cars."

One such driver is Steven Payan, who drives for Lyft but has also done so for Uber. The former taxi driver lives in Sacramento and drives in San Francisco, Oakland and elsewhere in the Bay Area. He sleeps in his car -- a Nissan Rogue Sport from Lyft's driver rental program -- and goes home to his 4-year-old daughter every few days.

"I drove three hours to stand in solidarity with other workers to show them they're not alone in addressing this issue," he said from the protest in front of Gurley's house. "We're getting exploited."

Gurley is a partner at Benchmark Capital, which has an 8.5% stake in Uber. Alphabet/Google has a 4.2% stake. Camp, who came up with the idea for Uber, owns 4.6% of the company's shares.

Ahead of the lockup expiration, a handful of insiders including Chief Financial Officer Nelson Chai and Chief Legal Officer Tony West sold thousands of dollars worth of shares, according to filings with the Securities and Exchange Commission.


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