An illuminated sign in a Lyft ride-hailing car in Los Angeles.
By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow March 1 at 2:13 PM The ride-hailing company Lyft filed paperwork Friday with the Securities and Exchange Commission, closing in on its highly anticipated initial public offering. And, in an unusual move, it had a little something for its drivers.
The bonus program is notable because ordinary investors are typically excluded from purchasing a company’s stock at the IPO price before shares trade on the open market. So the plan elevates drivers above the general public. But it also highlights the ongoing tension between ride-hailing companies and their millions of drivers. The people who shuttle customers around are not employees.
The company is among several highflying technology companies expected to go public this year. Lyft casts its business in revolutionary terms — pitching its app at the forefront of a technological transformation and shifting ideas about transportation in America.
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