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Uber and Lyft shares rise after California court victory lets them classify drivers as contractors - TL;DR CNBC

Uber and Lyft shares rise after California court victory lets them classify drivers as contractors

Publishing timestamp: 2023-03-13 20:50:59


Summary

A California appeals court has overturned a lower court decision and ruled that ride-sharing apps like Uber and Lyft can continue to classify their drivers as independent contractors, in accordance with Proposition 22 which was approved by California voters in November 2020. The proposition exempts ride-sharing companies from certain minimum wage, overtime, and workers compensation laws, but requires them to provide compensation and healthcare subsidies based on engaged driving time, as well as other benefits. The ruling was a victory for ride-sharing companies and their drivers, but a group of drivers who challenged the proposition are disappointed with the decision.


Sentiment: MIXED

Tickers: UBERDASHLYFT

Keywords: lyft incbreaking newstransportationdoordash incbusiness newstechnologyuber technologies inc

Source: https://www.cnbc.com/2023/03/13/uber-lyft-shares-rise-after-california-court-upholds-prop-22.html


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