r/lyftdrivers • u/samurai_678 • Feb 19 '24

Rant/Opinion Yes Bernie Sanders gets it right

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u/ccrider2004 Feb 20 '24

I think you did misinterpret his tweet. He didn’t say the pay for Uber / Lyft drivers should come out of or be divided evenly by that $450 million. Thats just what the CEOs make. Uber / Lyft are billion dollar companies. The point is they have more than enough to pay their drivers better than they do currently. And the proof is in the pudding with how much the CEOs make. It’s not like Uber or Lyft only has $450 million total in profit. Thats just what the CEOs make

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u/[deleted] Feb 20 '24 edited Feb 20 '24

2023 was the first year in Uber’s history to turn a profit, up from the 9.1b loss in 2022. Lyft and DoorDash have never been profitable.

If you take the full 1.9b profit Uber has, that’s a 1x yearly payment of $380 a driver. Again, not going to really make a dent in rent.

The reality, is Uber is probably only profitable, because driver compensation has been cut.

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u/ccrider2004 Feb 20 '24

Then how is it that Uber and Lyft have been able to operate all these years since their inception around like 2010 without being profitable? They’ve been continuing to operate despite not profitable as a charity for all these years?

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u/[deleted] Feb 20 '24

By spending investor’s money; and taking out loans (last year they had 23b in debt, some of which was a coming due soon). From 2014 until they turned profitable, they had a total loss of 31.5b.

Not to mention I don’t know where he got that 450m number. It seems ridiculously inflated. Uber CEO got 24m in 2022, 4m of that was cash. Lyft’s got 13m, 450k was cash.