New York City rideshare company Juno reserves company stock for drivers

juno ride share drivers stock with company logo shirts
Recruiting drivers is one of the toughest and most expensive challenges for a rideshare company, but keeping them is even harder. Juno, a New York City-based rideshare company has what may be a unique way to attract and hang on to drivers — give them stock in the company, according to Venture Beat.

At first blush, handing out shares to employees is a time-proven strategy for tech companies, especially startups. The hope for a fat initial public offering (IPO) with a huge potential payout lets employees have a stake in the game. They may trade off security, higher wages, or other perks to assume some risk with the potential of greater financial reward when the company goes public. Stock compensation made millionaires of early Microsoft and Amazon employees, so why not rideshare drivers?

It would be easy to argue that no rideshare companies have gone public and none so far have made a profit. Benefitting from Juno’s stock plan for drivers could take a while. On the Juno website driver invitation page, the company invites potential drivers to come for coffee and hear the Juno story. Three listed points are 10-percent commission, 24-hour support, and “true partners.”

Juno explains true partners as, “50 percent of our founding shares are reserved for our drivers.” And at the bottom of the page, in slightly dimmer type, “Over a period of ten years, we intend to distribute to drivers a number of RSUs that would give drivers the same ownership interest as our founders upon an IPO or sale assuming all such RSUs vest.” An RSU is a restricted stock unit, which means its value is assigned when vested to a person. Restricted stocks are treated as taxable income and some shares will be held back to pay income taxes.

So that is likely more than you care to know about the specifics of Juno’s stock perk for drivers. Regardless of the eventuality of a payout, however, the plan gives people a sense of ownership, which is an intangible that may make a difference for some Juno drivers.

News

Canary home security company sued over $10 monitoring fee

A class-action lawsuit claims home security startup Canary offered free monitoring features to entice people to purchase their cameras, then started charging a monthly fee to continue using them.
Home Theater

These top-line smart speakers conduct the most sophisticated symphony: Your life

Stuck talking to yourself? Get an A.I. assistant to keep you company! Whether you put your stock in Alexa, Google Assistant, or Siri, we've picked out the best smart speaker for any smart home ecosystem.
Cars

NYC mandates minimum wage for Uber, Lyft, other app-based rideshare drivers

New York City's Taxi and Limousine Commission approved a rule that drivers for companies such as Uber and Lyft must be paid at least minimum wage, even though they are independent contractors. The new pay rate includes operating costs.
Mobile

Put down the controller and pick up the best phones for gaming on the go

Which phones are the best if all you want to do is play some mobile games? We've done the hard work and put together a list of the best gaming phones on Android and iOS, so you can keep playing and winning.
Computing

A second Wells Fargo glitch results in the foreclosure of more homes

A computer error has struck Wells Fargo once again, resulting in hundreds more homes being mistakenly foreclosed after a first glitch was reported in August. To compensate one customer, the bank sent a check for $25,000.
Mobile

Samsung partners with AT&T to create a multi-band 5G smartphone for late 2019

Ready to experience a radical transformation in mobile communication? AT&T is launching mobile 5G in cities across the country over the next few months. Here's everything you need to know about the AT&T 5G rollout.
Mobile

Qualcomm's 3D Sonic fingerprint sensor could make your next phone more secure

Almost exactly a year after the launch of the Snapdragon 845, Qualcomm took the wraps off of its next-generation mobile platform, the new Snapdragon 855. The new chip puts an emphasis on A.I. performance.
Movies & TV

Movies Anywhere service adds Comcast films to its library and devices

Movies Anywhere lets you watch movies purchased from different services all in one place, and it just got even better with the addition of Comcast, which joins Microsoft, Amazon, iTunes, Google Play, Vudu, and FandangoNow.
Web

Can Microsoft’s Airband Initiative close broadband gap for 25M Americans?

A new report from the Federal Communications Commission (FCC) says that 25 million Americans do not have access to broadband internet. Of these, more than 19 million are living in rural communities. Can Microsoft help out?
Business

Amazon scouted airport locations for its cashier-free Amazon Go stores

Representatives of Amazon Go checkout-free retail stores connected with officials at Los Angeles and San Jose airports in June to discuss the possibility of cashier-free grab-and-go locations in busy terminals.
Business

‘Ralph Breaks the Internet’ wins one of the worst box-office weekends of 2018

Wreck-It Ralph sequel Ralph Breaks the Internet stayed on top of the weekend box office for the third week, winning what was one of the worst weekends for ticket sales in the US so far this year.
Computing

Google+ continues to sink with a second massive data breach. Abandon ship now

Google+ was scheduled to shut its doors in August 2019, but the second security breach in only a few months has caused the company to move its plan forward a few months. It might be a good idea to delete your account sooner than later.
Business

How to start your online business in 6 simple steps

Making the right choices now can greatly impact your success down the line, and the last thing you want to do is spend your energy revisiting old decisions instead of growing your company.
Business

Chinese court upholds Qualcomm's complaint that Apple infringed on two patents

Apple is following the FTC's lead and has sued Qualcomm for a massive $1 billion in the U.S., $145 million in China, and also in the U.K., claiming the company charged onerous royalties for its patented tech.