Uber Gives Restless Employees a Way to Cash Out

Many longtime employees of Uber Technologies Inc. are multi-millionaires, at least on paper. But with no initial public offering in sight and a strict policy blocking most private share sales, they’re stuck in limbo.

However, there’s a little-known option available to Uber loyalists looking to cash out. Those who work at the San Francisco company for at least four years can sell as much as 10 percent of their shares, people familiar with the matter said. The program has a built-in incentive to entice staff to stick around. The seller gets paid out over many months and must remain at Uber during that time, said the people, who asked not to be identified because they weren’t authorized to discuss the program publicly.

The formal plan, which has been in effect for a couple years but was previously unreported, caps buybacks at well below $10 million per employee, one of the people said. Fewer than 200 of the some 10,000 people employed by Uber currently qualify for the program, the person said. A spokesman for Uber declined to comment.

Now these 200 people can each buy a $4M house in Noe. Hurray!

1 Like

How well are these guys paid?

I told you! I knew those details about self driving cars.
These companies don’t play nice, believe me.

1 Like

Trump better be careful with his H1B and tax plan… we don’t want to end up having all the software development done in China, India and Mexico. Then we have to cry foul just like those in manufacturing.

Do Uber drivers in USA actually make more than minimum wage(/hr) after capital acquisition costs(car cost), depreciation,insurance,gas & maintenance costs? If not, that is the real problem & hence the pressure on Uber to reduce development costs so that they can eventually someday make profits. I think their self driving car program also lags behind other competitors.

$40K- $50 a year after expenses. Mileage must be good for the insurance companies to raise their premiums. And the beat up the cars get by being driven a lot.

Have you paid attention to him? He has some kind of hatred for all industries but the hotel and high end real estate. Listen, watch what he and his followers have said about other immigrants. That includes legal immigrants as well. It’s a fight between ignorance and highly educated people making America great.

wow that sounds amazing.
Do you have a quick calculation of how those numbers are achieved?
such as:
How many miles/year needs to be driven to achieve those numbers?
How many $/miles on average paid by Uber to driver?

You mean that’s using really old cars?

I have seen people buying brand new cars in order to keep themselves competitive. I feel sorry for them, these cars get driven a lot, you know what I mean. Don’t forget you can rent a car through both Lift and Uber. You save the wear and tear in your car but your income will be less.

I’ve had several stories, some do it part time, some do it 24/7, both husband and wife. Lots of money to be made, but again, the beat up on those poor cars is something to consider. No info on mileage at all, just word of mouth.