Cyberwarfare is taking to the skies, aboard drones

Uber uses a master algorithm to determine how much money its drivers make—and women are ending up with less.

The gap: In a study released today of over 1.8 million drivers on the platform, women were found to earn $1.24 per hour less than men. Women also earned $130 less per week on average, in part because they tend to drive fewer hours.

The cause: The study, which was carried out by researchers at Stanford and Uber and has not undergone peer review, attributed the difference in pay to fact that male Uber drivers:

—Are more likely to drive in higher-paying locations

—Drive faster

—Take on trips with shorter distances to the rider

—Chose to drive longer trips

All of these are variables in the formula Uber uses to calculate driver wages, and the study showed they all tilted in men’s favor (the study claims men earn $21.28 an hour, on average). Women also have higher turnover on the platform, and more experienced drivers tend to get higher pay.

Though it wasn’t covered in the study, one reason women may avoid higher-paying areas is that they don’t feel safe—they may opt not to drive late at night in certain places, for instance, or stay away from neighborhoods that are considered dangerous.

Closing the gap: The study shows there’s a persistent disparity in pay by gender, and Uber may have a hard time fixing it. Stanford economist Rebecca Diamond, one of the paper’s coauthors, says the researchers considered recommending taking speed out of the equation, for example. But as she says, “both riders and drivers would prefer to arrive at the destination sooner.”

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Celeb Cryptocurrency Fave Centra Hit With Class-Action Lawsuit

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Centra, a startup that raised over $30 million this year through an ICO promoted by celebrities, has been hit with a class-action lawsuit.

According to Fortune, the suit alleges that Centra’s founders made multiple deceptive statements and sold an unregistered security.

The suit, filed in U.S. district court in Florida, seeks repayment of the Centra investments of primary plaintiff Jacob Zowie Thomas Rensel and other investors.

From July to October of this year, investors traded cryptocurrency – such as bitcoin, Ether and Litecoin – for a new cryptocurrency to be created by Centra, who claimed it would also create a debit card that allowed cryptocurrency to be spent through established credit card networks.

The suit goes on to allege that Centra made multiple false claims, including that it had signed an agreement with Visa toward creation of the planned card – but The New York Timesreported in late October that Centra had no such agreement with Visa or Mastercard.

That same report revealed that Centra’s founders had no experience in cryptocurrency engineering, or with the credit card business. Some had even previously been accused of business fraud and financial negligence, and faced perjury charges in a drunk driving case. Other people initially listed as founders of the project were apparently fictional.

Floyd Mayweather, Jr. was one of the celebrities endorsing Centra during the ICO. Centra claimed that the boxer’s endorsement of their project was ongoing, but a spokesman for Mayweather said his endorsement was a one-off deal, paid for in cash.

The Top 10 Most Valuable Unicorns

The Top 10 Most Valuable Unicorns

The United States is home to the most unicorn companies in the world, with over 100 such companies, according to a new report by HowMuch.

The term unicorn, used to describe a private company valued at at least $1 billion, was thrust into the spotlight after Uber became the ultimate unicorn as it took over the venture capital world.

Top 10 Most Valuable Unicorns

1. Uber ($68 billion): U.S.

Created in 2009 to lower transportation costs through crowdsourcing, Uber has become the ultimate unicorn despite its rocky history. The company has recently stated it will hit the public market in the next 12–18 months.

Related Link: How Is Go-Jek Different Than Uber?

2. Didi Chuxing ($50 billion): China

Dubbed the Uber of China, Didi Chuxing scaled Uber’s revolutionary services to over 20 million rides daily.

3. Xiaomi ($46 billion): China

Xiaomi is a software and electronics producer founded in 2010. Maker of smartphones and laptops and creator of some of world’s most popular apps, Xiaomi has quickly become one of the most successful private companies of all time.

4. AirBnB ($29.3 billion): U.S.

The platform has changed the hospitality industry forever. Founded in 2007 as a small bed and breakfast, AirBnB has since scaled worldwide to over 65,000 cities. The company saw 80-percent revenue growth from 2015 to 2016.

5. SpaceX ($21.2 billion): U.S.

The world’s largest privately owned aerospace technology and space travel company. Elon Musk-founded SpaceX became the first private company to launch a spacecraft into orbit and recover it. SpaceX looks to lead the aspiration Mars Colonization and Lunar tourism.

6. Palantir Technologies ($20 billion): U.S.

Founded in 2004, Palantir has become the backbone of data analysis for counter-terrorism, cyber warfare and financial institutions. Just don’t expect an IPO anytime soon.

7. WeWork ($20 billion): U.S.

While telecommuting has grown 115 percent since 2005, working from home can get lonely sometimes. WeWork was founded to provide shared workspaces and currently operates in 16 different countries. WeWork provides physical and virtual workspaces, employee benefits and social events for location independent workers around the world.

8. Lu.com ($18.5 billion): China

Lu.com is an online finance marketplace which started as a peer-to-peer lending platform. Since 2011 it has service over $2.5 billion peer-to-peer loans.

9. China Internet Plus Holding ($18 billion): China

Formed after a merger of two successful competitors, Meituan and Dianping, the company has becoming one of the world’s leaders in online-to-offline services including restaurant bookings and event ticketing.

10. Pinterest ($12.3 billion): U.S.

Founded in 2009, the visual discovery social media platform serves as a catalogue of ideas for hobbyists, business and marketers. CEO Ben Silbermann is looking to keep his highly engaged social media company private for as long as possible.

Related Link: Tomorrow In History: The Strange And Very Surreal Summer Of 2017

Posted-In:AirbnbChina Internet Plus HoldingEntrepreneurshipTop StoriesSuccess StoriesStartupsMediaGeneralBest of Benzinga

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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