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☆ Lyft says it's going to give some of its drivers a pay bump
  + stars: | 2024-02-07 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com   time to read: +8 min
Lyft reported that drivers, on average, took home 88% of rider payments after external fees. AdvertisementIn recent months, several Uber and Lyft drivers have told BI that ride-hailing has become less profitable than it used to be. Lyft also noted that drivers can now see the breakdown of how each rider's payments are split between drivers, Lyft, and external fees. Still, 94% of Lyft drivers only drive less than 20 hours a week and use driving to supplement other income. In November 2023, Lyft agreed to pay $38 million to settle claims that it improperly collected some fees and taxes from New York drivers — Uber agreed to pay $290 million.
Persons: Lyft, —, David Risher, Sergio Avedian, Uber, Guy, Avedian, he's, Kara Swisher, Dara Khosrowshahi, — Uber Organizations: Service, Drivers, Cleveland Uber, New, New York State, Elite, EV Locations: Cleveland, New York City, Seattle , California, New York, Minneapolis , Chicago, Massachusetts
☆ Billionaire Ken Griffin says Miami could overtake New York as a financial hub
  + stars: | 2023-11-15 | by ( Tom Carter | ) www.businessinsider.com   time to read: +3 min
The Citadel founder said that the city could one day overtake New York as the US' financial hub. Wall Street giants and tech CEOs are flocking to Miami, with Jeff Bezos moving from Seattle. AdvertisementKen Griffin has said that Miami "represents the future of America" and hinted that the city could one day supersede New York as a financial hub. We're on Brickell Bay, and maybe in 50 years it will be Brickell Bay North, how we refer to New York in finance," he said. The company is building a new $1 billion headquarters in Brickell Bay , Miami's financial district.
Persons: Ken Griffin, Jeff Bezos, —, Griffin, Miami's Organizations: Bloomberg, Citadel, Wall Street, Service, Sunshine State, Amazon, Florida doesn't Locations: Miami, New York, Seattle, Miami's Brickell Bay, Brickell Bay, Brickell, Chicago, Afghanistan, York, Florida
☆ How much do Uber and Lyft drivers really make? It varies wildly depending on tips, car expenses, and how they calculate profits.
  + stars: | 2023-10-24 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +7 min
First, the ride-hailing pay calculations used by researchers, drivers, and companies can vary considerably — some don't fully account for the expenses and hours that impact a driver's profits. Second, drivers' pay can fluctuate based on how often they drive, their vehicle's expenses, and how well their customers tip. Aaron Lavender, a 36-year-old full-time Uber and Lyft driver in Colorado, previously told Insider that tips make up 10% to 20% of his income. AdvertisementAdvertisementMinimum wage laws could help clarify drivers' payThe uncertainty of drivers' pay doesn't seem to have stopped Americans from giving ride-hailing gigs a shot. The number of Uber drivers hit a record-high 5 million in 2022, with more than 70% of new drivers citing inflation as a reason they joined the platform, the company reported.
Persons: Uber, —, Lyft, Jeff Hoenig Jeff Hoenig Uber, Gabe Ets, Jeff Hoenig, Smith, Wesley Johnson, Aaron Lavender Aaron Lavender, Dallas Uber, Aaron Lavender, Nathaniel Hudson, Hartman, he's Organizations: Service, Drivers, Demand, Tesla Motors Locations: Oakland , California, South Carolina, Silicon, Mountain View , California, San Francisco, Dallas, Colorado, Portland, New York City, Seattle, California
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