Deliveroo Founder’s $618 Million Fortune Hit by Low-Pay Protests
- IPO will raise 1.5 billion pounds for food-delivery startup
- Shu was surprised by investor backlash against gig model
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Will Shu, who started Deliveroo Holdings Plc after resorting to late-night supermarket trips for his dinner while working at Morgan Stanley’s London office, will have a stake worth at least 449 million pounds ($618 million) when the food-delivery company goes public this week. But he’s found a frostier reception in the City of London than he might have expected.
The business’s success during the Covid-19 pandemic lockdowns and upcoming initial public offering have led to a backlash over gig-economy exploitation and workers’ pay, including the threat of strike by riders. There’s even been fallout on the IPO, with some big-name investors staying away.