Massachusetts Establishes First App Drivers Union
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Source: seekingalpha
- Union Formation: The App Drivers Union, officially certified in Massachusetts, becomes the first union in the U.S. for Uber and Lyft drivers, representing approximately 70,000 app-based drivers in collective bargaining, marking a significant milestone in driver rights protection.
- Support Exceeds Expectations: The union garnered support from 32% of active rideshare drivers, significantly surpassing the 25% threshold required by state law for certification, indicating a strong demand among drivers for better pay and fair treatment, which could drive industry change.
- Union Backing: The App Drivers Union is supported by the powerful 32BJ Service Employees International Union and the International Association of Machinists and Aerospace Workers, enhancing its bargaining power and influence, signaling an increase in driver representation within the industry.
- Market Reaction: Over the past six weeks, shares of Uber and Lyft have declined by 5.7% and 5.2%, respectively, reflecting market concerns regarding the driver rights movement and its potential impact, which may lead to significant changes in the companies' operational models.
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Analyst Views on UBER
Wall Street analysts forecast UBER stock price to rise
32 Analyst Rating
28 Buy
3 Hold
1 Sell
Strong Buy
Current: 70.920
Low
72.00
Averages
107.10
High
150.00
Current: 70.920
Low
72.00
Averages
107.10
High
150.00
About UBER
Uber Technologies, Inc. operates a technology platform that uses network and technology to power movement from point A to point B. It develops and operates technology applications supporting a variety of offerings on its platform (platform(s)). Its segments include Mobility, Delivery and Freight. Mobility products connect consumers with drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, the Delivery segment provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. The Freight segment connects carriers with shippers on its platform, and gives carriers upfront, pricing and the ability to book a shipment. The Freight segment also includes transportation management and other logistics service offerings.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Service Coverage: The service is available at matches in New York/New Jersey, Miami, Dallas, and Boston, with round-trip options specifically in Miami, addressing fan transportation needs and strengthening Uber's competitive position during major events.
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