Jump to content

Uber, Lyft shares tumble on possible change in work practices


Recommended Posts

US authorities are looking at protecting the rights of Uber and Lyft employees with a view to moving them to a full-time employment status.




 Jeremy Naylor | Writer, London | Publication date: Wednesday 12 October 2022 

While this may work for a proportion of employees, drivers often use Uber and Lyft work as infill employment and any change may impact on their relationships with the companies.

Uber and Lyft shares tumble

Shares of the ride hail app companies, Uber and Lyft both tumbled in yesterday's session after the US Department of Labor proposed a new rule that would make it more difficult for companies like this to treat workers as independent contractors.

Share price charts

Let's take a look at where we are in terms of the all-session stock in Uber.

Yesterday, this blue dotted line is the initial public offering (IPO) price at $45. Yesterday we saw the stock move almost 11% down at $24.65 and Lyft was another one on the way down where we saw some hefty losses there.

But more significantly, this blue dotted line up here is the IPO price of $72. It fell to $11.30 below this line of support which takes it to a new all-time record low.

Now if the new proposal would become law workers would be considered employees entitled to more benefits and legal protections that unprotected contractors.

A 45-day public comment period will begin on Thursday and the final ruling is expected next year.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • I'm currently bullish on AI project tokens, especially on Bitget, and I'm excited about their symbiotic relationship with blockchain technology, which is driving financial inclusion and innovation. Projects like SORA, SingularityNET's AGIX, The Graph (GRT), and Nebula AI's NMT are leading the way in transformative advancements across various sectors.
    • I trade leveraged futures on Binance so I'm going to miss them, not that much though cos I also use Bitget exchange, and they have high liquidity and low fees, So I will just move my funds there and continue leveraged trading.
    • If you've tried using Ethereum, you know it can get slow and expensive. Think of Starknet as a helper that makes everything faster and cheaper. It does this by taking a bunch of transactions, squishing them into one, and then processing that one. This means more transactions can happen at once without clogging up the system. For people making apps on the blockchain (they call these dApps), Starknet is like a dream come true because it lets their apps handle a lot more users without slowing down. It also gives them the freedom to make their apps work just how they want, making things better for users. When it comes to making money, Starknet charges fees to use its network and lets people 'stake' their coins – that's like putting your money in a savings account that helps the network run, and you get a little reward for that. So, what do you think about Starknet? It's all about helping Ethereum handle more action without any hassle. Could be a big deal for how we use digital money, right?
  • Create New...