There’s a lesson here: If Uber is really the best that Silicon Valley can do, America desperately needs to find a better way to fund groundbreaking new ideas. Tech giants — including Apple, Google and Jeff Bezos, who all acquired significant stakes in Uber — will make a killing. Not Uber’s drivers. Recent studies show that Uber drivers make poverty wages — about $10 an hour after their vehicle expenses are deducted from their pay. Uber lost nearly $2 billion in 2018, and the best long-term hope for Uber’s business is that drivers disappear altogether, replaced by cars that drive themselves.

Source: New York Times May 01, 2019 18:56 UTC