Home News Startups, Entrepreneurs, Digital economy

Uber faces proposed 'IPO tax' in a San Francisco divided by inequity

Bloomberg
Bloomberg4/29/2019 08:00 AM GMT+08  • 3 min read
Uber faces proposed 'IPO tax' in a San Francisco divided by inequity
SINGAPORE (Apr 29): Uber Technologies’ IPO, expected next month, will mean a massive payoff for many employees. In the company’s hometown of San Francisco, it will also deepen fears that a wave of technology IPOs threatens to displace other residents
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Apr 29): Uber Technologies’ IPO, expected next month, will mean a massive payoff for many employees. In the company’s hometown of San Francisco, it will also deepen fears that a wave of technology IPOs threatens to displace other residents who are being left behind. One city lawmaker plans to propose that tech companies share the wealth.

San Francisco supervisor Gordon Mar is circulating a motion that, if approved by a majority of the county board, would place a payroll tax covering stock-based compensation on the November ballot. The proposal, a draft of which was obtained by Bloomberg, would impose a new cost, “for the privilege of engaging in business in the city”, on companies that dole out equity to employees.

Mar told local labour and community activists at a meeting on April 22 that he planned to announce the proposal on April 24 during a subcommittee hearing and to introduce it in the next couple of weeks, says Kung Feng, executive director of Jobs With Justice San Francisco, a coalition of labour and community groups. A public agenda for that meeting lists “impacts on business tax revenue, housing costs and gentrification” among the topics for discussion.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now