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Home News

Uber wants to give company stock to its drivers

November 15, 2018
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Uber still thinks it’s easier to say “I’m sorry” than to ask for permission.

An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign in Frankfurt, September 15, 2014. A Frankfurt high court will hold a hearing on a recent lawsuit brought against Uberpop by Taxi Deutschland on Tuesday. San Francisco-based Uber, which allows users to summon taxi-like services on their smartphones, offers two main services, Uber, its classic low-cost, limousine pick-up service, and Uberpop, a newer ride-sharing service, which connects private drivers to passengers - an established practice in Germany that nonetheless operates in a legal grey area of rules governing commercial transportation. The company has faced regulatory scrutiny and court injunctions from its early days, even as it has expanded rapidly into roughly 150 cities around the world. REUTERS/Kai Pfaffenbach (GERMANY - Tags: BUSINESS EMPLOYMENT CRIME LAW TRANSPORT)

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How cool would this be? Is this the next big jump in investing?

AirBnB wants to give hosts equity as well. Tesla wants to go private and let public investors still hold onto their shares.

Currently the SEC rules state that:

Limiting the Number of Shareholders in Private Companies. The US Securities Exchange Act of 1934, section 12(g), generally limits a privately held company to fewer than 500 shareholders. [Gust]

Of course there are ways around it by investing in a fund that is an investor in the company, however for you to do that you’d have to be an accredited investor.

To be considered an accredited investor according to the SEC, at least one of the following conditions must apply to you: You must have earned an individual income of more than $200,000 per year, or a joint income of $300,000, in each of the past two years and expect to reasonably maintain the same level of income. [Fool]

Back in October, Uber sent a letter to the SEC requesting that they change their rules to allow drivers and contributors of the platform to be investors.  Time will tell if/when this happens, but it’s exciting to say the least.

[Source: Engadget]

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