Ten years after its founding, the ride-hailing giant Uber is finally a publicly traded company. But on the first day of trading, its stock price took a hit. There’s a good reason for the company’s lackluster initial public offering: There is no future for Uber as we know it, and no one knows if the company will ever make the leap to a profitable business model.

That’s a mild concern for investors who are choosing to either bet big or cash out quickly. But the consequences are staggering for its drivers and the public at large. Drivers led a strike against Uber in cities around the world in advance of the I.P.O., protesting the unfairness of their working conditions as investors prepared to get rich. Both Uber and Lyft (which made its initial public offering in March) are offering bonuses to some of its drivers to buy stock. But the bonuses are small unless you’re one of a dedicated handful who’ve completed thousands or tens of thousands of rides.

The problem for Uber — and everyone else — is that its very business model excludes a future of fair labor practices.

The Uber strikers have legitimate grievances. According to one study conducted in New York City, about half of ride-hailing drivers are supporting families with children — yet their earnings are so meager that 40 percent of all drivers qualify for Medicaid and another 18 percent qualify for food stamps .