
Chicago rideshare drivers holding rally calling for investigation into Uber's "congestion fee"
The Illinois Drivers Alliance with SEIU Local 1, IAM Local 701, and the Chicago Gig Alliance will meet around 9:30 a.m. The groups said 50th Ward Alderwoman Debra Silverstein will join the drivers.
The rideshare drivers are demanding hearings on Uber's unauthorized $1.50 "congestion fee." The fee was taken without the city's consent or oversight.
Rideshare companies are allowed to charge a $1.50 surcharge for all rides to and from downtown from 6 a.m. to 10 p.m.
The groups said rideshare drivers were "never notified about the fee and were left to deal with upset passengers."
A spokesperson for the rideshare company said that since Jan. 6, customers have been mistakenly charged a congestion fee after 10 p.m. due to an internal error.
They said, "We are actively identifying all affected customers and will issue refunds accordingly."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
Cineverse Technology Group's Flagship Brand Matchpoint™ Announces New Deals for its Proprietary Streaming Supply Chain Platform
LOS ANGELES, Aug. 12, 2025 /PRNewswire/ -- Cineverse (Nasdaq: CNVS), a next-generation entertainment studio, has today announced that it has signed several new customers for Matchpoint™ — the industry-leading automated media supply chain platform that is radically changing the way video content is managed and delivered. This was announced today by Cineverse Technology Group's new EVP, Technology & General Manager of Matchpoint, Michele Edelman, who joined the Company this week in this newly-created role, following several months as a consultant. Among the new customers are a mix of studios and targeted streaming services that are using Matchpoint Dispatch – which helps launch and grow a streaming business via a fully-automated content management system, with asset ingest and delivery powered by trusted AI tools – and the scalable app building capabilities of Matchpoint Blueprint. Using both Blueprint and Dispatch are BeaconTV (true crime and paranormal), Elysium Media (positive reality and documentary) and Sweetspire TV (Where the South Tells its Stories). Additionally, producer and CEO Bob Yari's Magenta Light Studios (Bride Hard) is using Dispatch to distribute to digital platforms. Said Edelman, "Whether looking to quickly stand up a new streaming app or channel that is ready for scale, or seeking AI powered tools for content ingest and delivery, analytics and insights, or to improve their search and discovery capabilities, platforms and media companies continue to look to Matchpoint to bring solutions to problems that would otherwise take major investments of time and capital to address on their own. We are proud of the market adoption we are seeing as we continue to execute on a very robust deal pipeline that shows strong market validation, and look forward to announcing more deals in the near future." About Matchpoint™ Matchpoint™ is Cineverse's award-winning media supply chain platform that is radically changing the way content is managed and delivered. Matchpoint has replaced today's expensive, and labor-intensive video content processes with a fully transparent, automated workflow that significantly reduces costs, eliminates human error, and effortlessly facilitates content ingestion with delivery across multiple platforms and distribution models. About Cineverse Technology Group Cineverse develops proprietary technology that powers the future of entertainment, leveraging the Company's position as a pioneer in the video streaming industry along with the industry-leading strength of its development team in India. This team has dedicated years building and refining technology solutions that have pioneered streaming content management and distribution while leaning into advances in AI to set the company apart from the competition. This includes the creation of Matchpoint™, an award-winning media supply chain platform that is radically changing the way content is managed and delivered. The Company's cineSearch is an AI-powered search and discovery tool for film and television that makes deciding what to watch as entertaining as the entertainment itself. Additionally, the C360 programmatic audience network and ad-tech platform provides brands the opportunity to target and reach key fandoms wherever they are. About CineverseCineverse (Nasdaq: CNVS) is a next-generation entertainment studio that empowers creators and entertains fans with a wide breadth of content through the power of technology. It has developed a new blueprint for delivering entertainment experiences to passionate audiences and results for its partners with unprecedented efficiency, and distributes more than 71,000 premium films, series, and podcasts. Cineverse connects fans with bold, authentic, independent stories. Properties include the highest-grossing non-rated film in U.S. history; dozens of streaming fandom channels; a premier podcast network; top horror destination Bloody Disgusting; and more. Powering visionary storytelling with cutting-edge innovation, Cineverse's proprietary streaming tools and AI technology drive revenue and reach to redefine the next era of entertainment. For more information, visit CONTACTS For Media, The Lippin Group for Cineversecineverse@ For Investors, Julie Milsteadinvestorrelations@ View original content to download multimedia: SOURCE Cineverse Corp. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 minutes ago
- Yahoo
Circle stock rises after quarterly revenue beats estimates in first earnings since blockbuster IPO
Circle (CRCL) stock jumped 2% in afternoon trading on Tuesday after the stablecoin issuer posted better-than-expected quarterly revenue for the first time since going public. The company reported second quarter total revenue of $658 million, versus the $647 million analysts expected. CEO Jeremy Allaire said the company's stablecoin, USDC (USDC-USD), was the "fastest-growing major stablecoin over the past year." USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of Aug 10. "Overall activity globally in the digital asset economy has been growing," Allaire told Yahoo Finance on Tuesday morning. "We're continuing to see growth in the use of dollar digital currencies like USDC as a store of value around the world in cross-border settlements," he added. "Use cases continue to expand, and I think people are finding that this is an incredibly high utility, new form of money." The company also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. "We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees," CEO Jeremy Allaire said during the company's earnings call on Tuesday morning. The stock is up roughly 480% from its IPO price of $31 per share as crypto-friendly legislation has lifted the sector. Circle has been at the center of optimism over the stablecoin market following the passage of the GENIUS Act, legislation that creates guardrails and a framework for digital tokens backed by assets such as the US dollar. Circle makes much of its money from interest income, specifically from short-term Treasury bills backing its stablecoin, USDC. The company's reserve income increased 50% year over year to $634 million, primarily from an 86% growth in USDC stablecoin circulation. Allaire indicated if the Fed reserve cuts interest rates and yields on short term treasuries decline, the growth of stablecoins will offset decline in rates. "We believe that lower interest rates are going to be accelerative to the business, as money velocity picks up, as invested capital picks up, and as more people are putting money to use in the economy, this very high utility form of money will grow," said Allaire. The company also shares part of its revenue with Coinbase (COIN), a major distribution partner. Last month, Compass Point analyst Ed Engel flagged the risk of rising distribution costs as the company expands its network while continuing to share a portion of its interest income. On Tuesday morning, Engel said Circle's gross profit margin guidance of 36% to 38% for fiscal year 2025 "slightly underwhelmed." Engel said that forecast implies second half margins will come in below the first half of the year's 39%, writing "we would have expected higher gross margins in 2H25." "While CRCL's lower margin guidance could be due to conservatism, CRCL's recent partnerships don't seem to benefiting the near-term margin outlook. As such, we reiterate our Sell rating and $130 PT," he wrote. However, others on Wall Street saw the stock as a way for investors to participate in rising enthusiasm over stablecoins. "CRCL is a global leader in stablecoins and is the purest stablecoin play in the public markets right now, and we anticipate further gains in the shares as the company creates new opportunities for itself and its partners," Seaport Research analyst Jeff Cantwell wrote last month. The analyst has a Buy rating and price target of $280 on the stock. Circle's results come as the overall market hovers near all-time highs and crypto rallies on expectations of Federal Reserve rate cuts and President Trump's push to include crypto in 401(k) plans. Prior to the earnings release, Wall Street analysts had nine Buy, five Hold, and four Sell ratings on Circle stock. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
4 minutes ago
- Yahoo
Upstart (UPST) Slashes 7.7% on $500-Million Fundraising Program
We recently published . Upstart Holdings, Inc. (NASDAQ:UPST) is one of the best-performing stocks on Monday. Upstart Holdings dropped its share prices for a second day on Monday, shedding 7.71 percent to close at $63.46 apiece as investors soured on its plans to raise $500 million from the issuance of convertible senior notes. In a statement, Upstart Holdings, Inc. (NASDAQ:UPST) said that the notes will have a tenor of 7 years and will mature in 2032, unless earlier converted, repurchased, or redeemed. It also granted the initial buyers an option to purchase up to $75 million within a 13-day period beginning on the date the notes are first issued. The notes can be converted into cash or shares of its common stock, or they can prefer to convert into a combination of both. According to Upstart Holdings, Inc. (NASDAQ:UPST), proceeds from the offer will be used to pay the cost of the offering, as well as repurchase for cash a portion of its outstanding 0.25 percent Convertible Senior Notes due 2026. Photo by Clay Banks on Unsplash The balance will be allocated for general corporate purposes, which may include the repayment or retirement of existing debt, including the repurchase or retirement of the 2026 Notes. While we acknowledge the potential of UPST as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .