Take This Job And Love It
In the six years that Michael Ugwu has worked as an Uber driver in New York City, he’s seen a growing share of his earnings diverted into venture capitalists’ pockets. Uber and Lyft require workers to assume a myriad of expenses that can quickly trap drivers like Ugwu into debt and poverty.
“Currently, they’re taking out between 35 to 40 percent, when you add up all the deductions,” Ugwu says. “You end up not having enough to pay rent, maintain the car, pay the car loan, and buy gas. They’re continuously ripping us off.”
By 2017, rideshare drivers were earning less than half what they made just four years earlier, a study found. Meanwhile, executives at Lyft and Uber have raked in tens of millions of dollars in compensation.