Uber slides 5% on report SoftBank will shed a third of its stake in the ride-hailing app

Uber
  • Uber’s stock fell 5% on Thursday after CNBC reported SoftBank is offloading a large stake in the firm.
  • The latest share sale could take SoftBank’s holdings in Uber to less than 100 million shares.
  • Reports say the decision is unrelated to SoftBank’s $4 billion loss from its stake in Didi.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Uber’s stock fell 5% in Thursday’s pre-market session after CNBC reported SoftBank will sell about a third of its stake in the ride-hailing firm.

SoftBank, one of Uber’s largest shareholders, plans to sell about 45 million of its 184 million shares, the report said. Any buyer is said to have a 30-day lockup period.

In January, the Japanese conglomerate sold 38 million Uber shares worth $2 billion.

Further shares were said to be offloaded in June, and SoftBank’s stake could stand at below 100 million shares with the latest transaction, according to a Financial Times report, which cited a person familiar with the matter.

China’s recent crackdown on rival ride-hailing app Didi has reportedly cost SoftBank, its largest shareholder, about $4 billion. It has also suffered losses related to the proposed initial public offering of Alibaba’s Ant Group, which was halted by regulators after Jack Ma publicly snubbed local banking rules.

But reports from Reuters and the FT say SoftBank’s decision to cut its Uber holding is unrelated to its stake in Didi, which went public on the US stock market in blockbuster IPO in late June. The tech conglomerate believed it was the right time to cash out and profit from its holding, a source told Reuters.

SoftBank has been an Uber investor since 2018, when it picked up a 16% stake in the firm through an entity called SB Cayman 2 Ltd. In a filing as recent as March 31, Uber refers to SoftBank as a “large shareholder.”

Softbank’s $100 billion Vision Fund has been hit hard by China’s regulatory crackdown on the tech sector, with the value of its holdings sliding $11 billion since July, compared to a $1.1 billion gain in the April-to-June quarter, according to data seen by the FT.

SoftBank didn’t immediately respond to Insider’s request for comment.

Uber’s stock, down 9% so far this year, had risen slightly a week ago after announcing its $2.25 billion acquisition of logistics tech company Transplace from TPG Capital.

Didi Global’s shares are fallen 37% since its first day of trading.

Read More: Wall Street’s 10 most accurate analysts say you should buy these 10 stocks right now for immense upside over the next 12 months

Read the original article on Business Insider

How to schedule an Uber ride in advance, or cancel a scheduled ride if you no longer need it

traveller getting suitcase ready looking at phone in bedroom
It’s easy to schedule an Uber ride in advance right from the Uber mobile app.

  • You can schedule an Uber ride for hours, days, and even weeks ahead of time on the Uber mobile app.
  • For a scheduled ride, Uber sets a price range that you don’t pay until later.
  • It’s possible to cancel a scheduled Uber ride and get money back if it’s early enough.
  • Visit Insider’s Tech Reference library for more stories.

Scheduling an Uber ride for later is incredibly easy via the mobile app for iPhone, iPad, and Android.

In just a minute, you can schedule an Uber ride days or weeks ahead of time. And if your plans change, cancelling your scheduled ride is just as convenient.

Here’s how to schedule a ride and cancel scheduled rides on the Uber mobile app.

How to schedule an Uber ride

1. Open the Uber app on your Apple or Android device.

2. In the Where to? text field on the Uber homepage, tap the drop-down arrow next to a clock icon and the word Now.

Screenshot of Uber homepage
Tap the “Now” drop-down to set a date and time.

3. In the pop-up, use the scroll bars to select a date, time, and AM or PM. Hit Set once you’ve chosen the date and time.

Screenshot of "Schedule a Ride" page on Uber app
Choose a date and time, and tap “Set.”

4. On the next screen, type in the pick-up and drop-off location, or select previous locations from the list on the lower half of the screen.

Screenshot of pick-up and drop-off locations page on Uber app
Set your pick-up and drop-off locations.

5. The next screen will show a map of the route and the estimated price of your trip. Make sure your payment method is correct, and then select Schedule UberX at the bottom of the screen to confirm your scheduled ride.

Screenshot of Uber app route summary and scheduling page
Choose a car option and select “Schedule UberX.”

How to cancel your scheduled Uber rides, and view all the rides you have scheduled

1. To view your scheduled trip(s), open the Uber app, then tap the three horizontal lines in the top-left corner of the screen.

Screenshot of Uber app homepage
Tap the icon in the top-left corner.

2. Tap Your Trips.

Screenshot of menu in Uber app
Go to “Your Trips.”

3. Then on the next screen, tap the drop-down oval in the top-right corner of the screen, which will likely read Past. In the drop-down list, select Upcoming.

Screenshot of "Your Trips" page in Uber app
Choose “Upcoming” to see your scheduled trips.

4. Your upcoming trip(s) will now be displayed. To cancel one, just tap Cancel Ride then confirm with the CANCEL RIDE button that pops up.

Screenshot of "Your Trips" upcoming trip summary page in Uber app
Tap “Cancel Ride” to delete the scheduled ride.

The scheduled trip will immediately be cancelled and removed from the Your Trips page, and you won’t incur a fee if you cancel it before you’ve matched with a driver.

How to contact Uber support as a driver or rider if you need help resolving an issueYou can add extra stops to any Uber ride – here’s how to do it, and avoid added charges for delaying at a stopHow to get your prescriptions delivered through Uber and avoid a trip to the pharmacyHow to request an Uber with a car seat for your child

Read the original article on Business Insider

Meet the Uber drivers who spent 5 years fighting the ride-hailing firm for basic workers’ rights – and won

Former Uber drivers James Farrar (L) and Yaseen Aslam react as they leave the Employment Appeals Tribunal in central London on November 10, 2017. US ride-hailing app Uber on Friday lost a landmark case in Britain that would give drivers the right to paid holidays and the national minimum wage, lawyers representing the claimants said. Farrar, who brought the test case with fellow former driver Aslam, called Uber's business plan "brutally exploitative". Uber said it will appeal the ruling.
Former Uber drivers James Farrar and Yaseen Aslam leaving an employment appeals tribunal in 2017.

  • Two ex-Uber drivers won a huge legal battle against the taxi app firm over workers’ rights.
  • Yaseen Aslam and James Farrar began the case in 2016, fighting for minimum wage and other rights.
  • Farrar said Uber is being defiant about the ruling but hopes it’ll come to accept it.
  • Visit the Business section of Insider for more stories.

Five years after they took Uber to court, two ex-drivers on Friday won a legal battle against the ride-hailing firm.

Yaseen Aslam and James Farrar were part of a small group of drivers who brought the original case against Uber in 2015. Aslam and his colleague Farrar, president and general secretary of the App Drivers and Couriers Union (ADCU) respectively, claimed Uber was breaking UK employment law by failing to offer basic worker rights, such as holiday pay and national minimum wage. They won the case.

Uber disputed the claims, saying it acted like other traditional minicab firms and counted its drivers as self-employed contractors. At the time, this meant drivers had minimal protections, including no sick pay and Uber could avoid the costs of paying minimum wage. In 2017, Uber appealed the original ruling and lost.

Uber then appealed the case in the UK’s Supreme Court and the process dragged on into February 2021. Again, the company lost, marking the end of its legal road. The outcome could threaten Uber’s business model in the UK – one of its biggest markets – if it is forced to cough up back pay for thousands of drivers who may bring cases, and if it must pay higher taxes.

The dispute will go back to an employment tribunal, which will decide how much the 25 drivers who brought the case five years ago will be awarded. Aslam believes he’s entitled to between £10,000 and £12,000.

“I was delighted,” he told Insider. “It means a lot. I didn’t just do it for myself, I did it for the workers and drivers. I’m just a driver who spoke up for injustice.”

Aslam, who is based in the UK, worked for Uber between 2013 and 2017. Once, during his time at the company, he says Uber “deactivated” him for organizing a campaign against the company’s treatment of drivers. This meant the company didn’t allow him to access the app to pick up passengers, he said. 

“I’m not anti-Uber and I’m not there to shut Uber down. But the law is there for a reason,” he added. Uber did not respond when Insider asked it to comment on Aslam’s claims of deactivation.

Uber’s business model 

When Aslam first started working at Uber, he said it was good. He earned £50 an hour, got a £10 bonus for each ride, and the fares were higher. Plus, the company “put the drivers first.”

As he continued working for the company, however, the fares got cheaper and the bonuses stopped, he says. After the launch of UberPool, a service launched in 2015 that allows people to split ride costs with another person who is travelling in the same direction, drivers were earning even less, according to Aslam.

Back in 2016, CNN also reported that drivers said UberPool meant more work, but not necessarily more pay. Aslam said drivers have realised that Uber is “hiding behind technology to control workers.”

According to Aslam, Uber’s business model involves mass recruiting and flooding the streets with drivers and cars, while keeping fares cheap to attract customers. This has long been a criticism of Uber and its business model – that the firm, initially funded by huge amounts of private capital, could afford to keep cab fares artificially low at the expense of drivers and the competition.

Although Aslam thinks businesses such as Uber should exist, he said they “rely on exploiting people and they go for a mass scaling model and I think it’s wrong.” He believes the customer should take some responsibility in the pricing as there’s a human cost involved: “There’s someone behind that wheel and they need to have rights.”

The case still isn’t over

“The devil is in the details now,” Farrar told Insider. He said Uber is being defiant about committing to implement the ruling.

After the recent ruling, Uber was quick to point out that it only applied to the group of 25 drivers who brought the case in 2016. It also said the ruling was specific to how Uber’s business operated when the drivers initially filed a lawsuit, and that the business has since changed.

“Uber is trying to spin a line to drivers that this ruling only applies to the original claimants and not to all drivers,”  said Farrar, who worked for Uber between 2015 and 2016. “Not only is it untrue but it’s demonstrably contrary to the spirit of the ruling.”

He hopes Uber is just going through “a stage of emotional grief and denial” and that it will accept the ruling. But if not, he said the government and regulator Transport for London (TfL) needs to step in. 

Claims against Uber are already piling up

If the government doesn’t enforce the law and TfL doesn’t step in, Farrar said he and other drivers would have to “pile up litigation” against Uber.

Indeed, thousands of claimants are already making claims against the firm. Nigel Mackay, a partner at Leigh Day Solicitors, said his company currently has 3,500 clients with claims against Uber.

Farrar, who formed an organization called Worker Info Exchange to help app workers like Uber drivers access their data from companies they work for, said these types of claims could become extremely expensive for the taxi app company. He believes there’ll be a cottage industry of lawyers making continuous claims against Uber “because it’s an easy win.”

He added: “It’s embarrassing that the poorest people on minimum wage have to go to the Supreme Court against one of the most powerful companies on Earth.”

Although Uber did not respond to Insider’s request for comment, the company sent a press release shortly after the ruling, featuring a statement from Jamie Heywood, Uber’s regional general manager for northern and eastern Europe.

It said: “We respect the court’s decision which focussed on a small number of drivers who used the Uber app in 2016. Since then we have made some significant changes to our business, guided by drivers every step of the way. These include giving even more control over how they earn and providing new protections like free insurance in case of sickness or injury.  We are committed to doing more and will now consult with every active driver across the UK to understand the changes they want to see.”

Read the original article on Business Insider