ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Fare Co-op’s Chairman, The Rideshare Professor, Leads a Viral Global Uber Strike Revolution

Global gig worker Valentine's Day Strike has gone viral in over 25 cities worldwide, including Los Angeles, San Francisco, New York, Chicago, Toronto, London and Sydney.

(PRUnderground) February 14th, 2024

In an unprecedented move, Torsten Kunert, AKA The Rideshare Professor and the visionary Chairman of Fare Co-op/Local Driver Co-op (www.fare.coop), catalyzed a global movement by calling for a Valentine’s Day strike against Uber/UberEats, Lyft, Doordash and Grubhub. This bold action aims to spotlight the systemic injustices faced by gig workers, rallying drivers across North America, the UK, and beyond to stand in solidarity. The strike, set for February 14, 2024, has captured the world’s attention, uniting gig workers in a powerful demonstration of unity.

Torsten Kunert’s advocacy for gig workers has been instrumental in empowering over a million drivers through his influential channel. His visionary leadership led to him co-founding Local Driver Co-op in 2019, a pioneering multi-stakeholder federated cooperative that ensures drivers receive 50% equity, thus having a significant say in the organization. This model mirrors the successful structure implemented by VISA in 1967, which culminated in the largest IPO in history during the 2008 economic crisis.

This global strike initiative, conceptualized and orchestrated by Kunert, has been a culmination of his extensive organizing experience. By reaching out to gig organizations, unions worldwide, and leveraging social media platforms, the movement has gone viral, sending shockwaves through the industry and adversely impacting Uber’s stock price.

“I’m thrilled by the viral spread of our cause and the collective strength shown by our community. Figures like Edward Escobar, Sergio Avedian, Jeff Watts, and Rideshare Trixter have been instrumental in this journey. The impact on Uber’s valuation sends a clear message to investors: the era of exploiting gig workers is over. This is just the start. Had we anticipated the magnitude of support, Fare Co-op’s soft launch would have been even more ambitious,” stated Kunert.

Fare Co-op emerges as a game-changer, offering riders a 20% savings compared to Uber/Lyft while ensuring drivers receive a fair 90% share of earnings. FareEats, its subsidiary, revolutionizes food delivery by only charging a minimal 5% fee to restaurants, significantly lower than the industry standard. Once Fare Co-op completes its soft launch and testing, it will be fully launching in the near future.

“It’s been an honor following Torsten’s leadership at Fare Co-op/Local Driver Co-op. Our significantly lower pricing, without repeating incumbents’ costly mistakes, ensures we’re unmatched in both price and service quality. In Canada, our proof of concept saw zero issues, thanks to restaurants benefiting from discounted rates and drivers being platform owners. By capturing market share and valuing our drivers’ equity, we’ll finance driverless vehicles on behalf of the drivers, securing their future unlike the incumbents who are ready to kick them to the curb with driverless vehicles, as they have already begun to do in California, and many other regions, to increase their bottom line,” said Ahmed Attia, CEO of Local Driver Tech Inc. and President of Fare Co-op/Local Driver Co-op.

This global strike marks a pivotal moment in the gig economy, challenging the status quo and paving the way for a fairer, more inclusive future for all gig workers.

The post Fare Co-op’s Chairman, The Rideshare Professor, Leads a Viral Global Uber Strike Revolution first appeared on

Press Contact

Name: Danny Golnik
Phone: 416-836-4455
Email: Contact Us

Original Press Release.

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.