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Juno is terminating its stock program for drivers

Today, Gett confirmed that it is acquiring Juno for $200 million. In a letter to Juno drivers announcing the deal, Gett said it would be suspending the restricted stock units program and replacing it with cash bonuses. One of Juno’s early differentiators was that it offered drivers shares of the company based on the number of hours they worked. Half of the company’s founding shares were reserved for drivers, so that even as the company eventually embraced automation, drivers would be taken care of. They’re now only eligible to collect anywhere from $25 to “a four digit number,” according to a Juno representative.   

Independent Drivers Guild isn’t happy about it. In response, the group released the following statement: 

“Given the actions of driving apps to date, it comes as little surprise that Juno is cashing out, leaving the drivers who helped build the company with next to nothing. This latest bait-and-switch underscores the need for industry-wide protections to ensure a living wage for drivers in the face of deceptive tactics, empty promises and manipulation from ride-hail apps.”

RR