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Members and supporters of the Independent Drivers Guild protest against Lyft’s minimum wage for drivers in New York City in March. Photo: Drew Angerer/Getty Images

At Uber and Lyft, sky-high Wall Street debuts are set against deep driver dissatisfaction — and the latter is threatening the former.

Driving the news: On Wednesday, ride-hailing drivers in several U.S. cities plan to strike to protest low wages, among other things. The significance: It's 2 days before Uber goes public, and its investors get to cash in on one of the biggest IPOs in history.

  • In New York, the plan is for all 80,000 of the city's Uber and Lyft drivers to stop work from 7 a.m. to 9 a.m. — the morning rush hour.
  • Uber drivers in Boston, LA, Chicago, Philadelphia and D.C. are planning to strike for a full 24 hours on Wednesday.

Why it matters: Among the drivers' biggest complaints is that Uber and Lyft take too big of a whack out of their fare — 20%–25%. They want that reduced to 10%.

  • It's a common complaint by merchants against the big platforms. Apple and Amazon, too, take up to 30% of a merchant's retail price right off the top, and critics compare them to the medieval-era German "robber knights" who charged people enormous tolls to cross their roads.

As Uber and Lyft balloon, one potential hurdle to survival is that the gig jobs they are creating are not well-paying and stable. Until they have autonomous cars, they need a steady supply of drivers.

  • In a tight labor market with just 3.6% unemployment, the ride-hailing companies may soon burn through the whole pool of workers willing to do these jobs, writes WSJ's Christopher Mims.

An Uber spokesperson said: "Drivers are at the heart of our service ─ we can’t succeed without them ─ and thousands of people come into work at Uber every day focused on how to make their experience better, on and off the road."

A Lyft spokesperson said: "Lyft drivers’ hourly earnings have increased over the last two years, and they have earned more than $10B on the Lyft platform. Over 75% drive less than 10 hours a week to supplement their existing jobs. On average, Lyft drivers earn over $20 per hour."

Go deeper

2 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

4 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.