This rideshare company took a surprising step in its IPO: It gave drivers nearly 1 billion shares
In recent years, Uber and Lyft have made headlines for their poor treatment of drivers and their well-funded efforts to keep these drivers classified as independent contractors (and thus avoid extending a range of benefits). It’s standard fare for gig-economy companies in the U.S. But a ride-hailing company in Southeast Asia decided to take a different route.
When Indonesia-based GoTo went public last year, it wanted to include its drivers in the initial public offering. The resulting initiative, called the Gotong Royong Share Program, set aside nearly 1 billion shares for more than 600,000 drivers and developed an education curriculum so that they could take advantage of the offering.
