Protesting pay cuts, a small group of Lyft drivers and their supporters demonstrated on Monday in front of the Omni Hotel in downtown San Francisco, where executives of the ride-hailing company were reportedly courting investors in the run-up to their initial public offering.

"San Francisco's about to get a bunch more millionaires, while the drivers who are out there making these executives rich are getting their wages cut," said Rebecca Stack-Martinez, a Lyft and Uber driver and organizer with Gig Workers Rising.

Drivers of both Lyft and Uber, which are soon expected to become publicly traded companies, say their compensation has steadily declined as both ride-hailing giants take an increasingly large chunk of profits form each ride. With Lyft expected to go public as early as this week, drivers say they're particularly concerned that the company will cut wages even further, amid pressure from investors to increase revenue.

A growing number of drivers complain that they're having an increasingly hard time making a living behind the wheel, particularly with the high cost of gas and maintenance expenses factored in.

Also on Monday, hundreds of ride-hailing drivers in greater Los Angeles staged a one-day strike, logging off the app and picketing outside of Uber's suburban L.A. office.