Uber, Lyft set for gig worker triumph in California

by admin
  • Californians appear to have overwhelmingly voted in favor of Proposition 22, a ballot measure that would exempt drivers for app-based transportation and delivery companies from being classified as employees. With 67% reporting, 58.2% voted in favor and 41.8% against.
  • The bill had essentially become Uber (NYSE:UBER) and Lyft’s (NASDAQ:LYFT) last hope to continue their operations in the state under the status quo.
  • Should it pass, the companies say they will guarantee new protections to workers, such as giving drivers 30 cents a mile driven to account for gas and other vehicle costs, healthcare subsidies for drivers who work 15 hours or more a week and occupational accident insurance coverage while on the job.
  • Proposition 22 also has significant implications for DoorDash (DOORD) and Instacart (ICART), both of which are reportedly preparing to go public.

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