Lyft and Uber will both offer some drivers the option to buy stock in their upcoming IPOs, according to the Wall Street Journal.
Both companies will offer programs that give their most active and dedicated drivers cash bonuses which can be used to buy company stock at the listing price, according to the report. Since many tech IPOs jump in price on the first day of trading, this will likely give drivers the chance to purchase shares at a lower price than if they just bought stocks on the open market after the IPO.
Both Lyft and Uber offer equity as part of their compensation packages for full-time employees. But drivers, while the bread-and-butter of both companies services, are classified as contractors and have not previously been eligible for these benefits.
Lyft, which is expected to publicly file its IPO paperwork on Friday, plans to give $1,000 to drivers who have logged 10,000 rides on its platform, according to the Journal. It's up to the drivers whether they keep the money or use it to buy shares, and only a minority of its drivers will qualify, the report said.
Drivers who racked up 20,000 rides on Lyft are eligible for $10,000, according to the report.
Uber, whose IPO is expected to happen later this year, is still working out the details of its driver stock program, though it expects to offer some form of bonus to most of its 3 million active drivers, the report said
