Uber is still losing money, but co-founder Garrett Camp isn't short on cash: The billionaire and partner Eliza Nguyen bought a new Beverly Hills mansion for a record-breaking $72.5 million last week as the firm's share price closed above its $45 IPO level, Variety reports. The recently rebuilt property sits on more than an acre of land and "holds a 12,119-square-foot residence with seven bedrooms and a newly added guesthouse," according to the Los Angeles Times. Camp, who sits on Uber's board, also founded tech firms including StumbleOpen and Expa. The 40-year-old owns at least five other homes, including an $8.5 million mansion in San Francisco, and with homelessness rising in Los Angeles, critics say the buy marks an extreme example of income inequality.
Campaigners for better labor practices at Uber say the record-breaking purchase stings because many people who drive for the company are working a second job because it is the only way they can afford a place to live. "This is a perfect example of the 1% stealing from the rest of us," driver Nicole Moore tells the Guardian. "Drivers are living in their cars. We’re fighting for fair wages. At least share that wealth with the people who have actually built your company." Veena Dubal, an associate law professor at the University of California at Hastings who specializes in the "gig economy," adds that since many Uber drivers are forced to rely on government assistance to make ends meet, it's "our money that went into that house." (Read more Uber stories.)