Riders on the Storm

“Uber’s rapid expansion was good for passengers, who could suddenly summon a ride from anywhere in the city. But it was disastrous for almost everyone else. With more cars on the streets, traffic in the city got even slower and more congested. Investors poured more than $21 billion into the company, which has yet to turn a profit. (Uber posted $4.5 billion in losses last year alone, subsidizing rides in an all-out effort to establish a monopoly.) And according to one estimate, the company’s drivers — after paying for gas, maintenance, and Uber’s commission of 25 percent on every fare — took home barely $10 an hour on average.” The on-demand economy has changed the landscape in many industries and enriched a lot of people. But there is another side to the story. From NY Mag: Driven to Despair. “Doug Schifter waged a one-man campaign to stop Uber from putting his fellow black-car drivers out of business. Then he decided to take his own life.”

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