Former Uber CEO set to rake in $1 billion -- even as drivers around the world strike for better pay
Uber vehicle displayed during the ride-sharing company's launch in Perth, Australia on July 23, 2014 (Uber official Facebook page)

Earlier this week, Uber drivers from around the world briefly went on strike to protest for better pay and working conditions.


The strikes were timed to generate publicity ahead of the company's initial public offering, which officially kicked off on Friday morning, and highlight the massive disparities between the big paydays Uber executives are receiving and the comparative pittance made by drivers.

For example, Business Insider reports that Ryan Graves, who was Uber's first employee and who also briefly served as its CEO, is set to haul in $1 billion from the IPO based on the shares he's owned in the company since he first started working there.

Contrast this with what Uber drivers make -- as Slate's April Glaser reported earlier this week, one Uber driver told her that he's actually making less money per mile now (just 92 cents) than when he he first started driving for the company back in 2013 ($2.20 per mile).

Uber also moved this week to settle arbitration disputes with tens of thousands of drivers who were disputing their status as "independent contractors" instead of employees, which keeps them ineligible for receiving overtime and sick pay.

While Uber agreed to hand over an undisclosed amount of money to settle the dispute, it still has not changed its workers' status to that of employees.