Uber, Lyft soar premarket as Californian drivers stay independent
Shares of hail-riding services Uber and Lyft surged on Wednesday by more than 13% and 16% concurrently after it was announced that Proposition 22, which absolves these companies from having to classify their workers as employees and leave them classified as independent contractors, has been approved.
In August this year, both companies threatened to suspend its services in California following a court order which would require the companies to classify their drivers as employees.
Uber shares went up by 13.06% to $40.44 in premarket trading at 8:14 am ET while Lyft stock jumped by 16.66% to $30.57 at the same time.
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