Uber, IPO, come-uppance 

In case anyone ever tells you "strikes don't work": Uber is now the worst performing IPO debut in U.S. history. They lost $617 million today because their stock declined almost 8% (due to the double whammy of the strike and tariff increases), and their IPO valuation was $76.5 billion, far lower than $90 billion or $120 billion some "analaysts" (read: fortune tellers) were speculating they'd value at.

Power to the workers.

Uber, IPO, come-uppance 

@sandrockcstm thanks bud 👌🏽

Uber, IPO, come-uppance 

@sandrockcstm fuck yea more power to the workers

Uber, IPO, come-uppance 

@sandrockcstm sadly, Uber didn't lose money on this. Uber sold $8 billion in shares at IPO.

Which they will use to continue undercutting public transportation, no matter what happens to their share price.

Uber, IPO, come-uppance 

@joeyh It was never in dispute that Uber was going to raise some cash from this.

But that's not the point.

When you're talking tens of billions of dollars, the dollar amount matters less than image and political clout you generate.

This sets Uber up to look weak to investors, which means their share prices are vulnerable, which means their C-rank officers are vulnerable, as they're accountable to those shareholders now.

It gives the workers leverage to negotiate.

Uber, IPO, come-uppance 

@sandrockcstm I thought the whole deal with the gig economy is that workers aren't able to have any leverage or actual connection with the company.

So this is nice to hear.

Uber, IPO, come-uppance 

@FimbulFlower That's definitely the goal. Unfortunately for them the internet exists now, which makes organizing worker action relatively trivial compared to what was necessary in the 20th century.

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