Uber, Lyft stock rallies after Californian’s vote to exempt them from state labor law
Stock prices for Uber and Lyft both jumped over 12% upon the news that California voters appeared to approve a ballot question concerning the status of drivers for the ridesharing companies. The ballot question, Proposition 22, classifies drivers for Uber and Lyft as independent contractors, rather than employees. This classification disqualifies drivers from receiving certain benefits, thereby saving Uber and Lyft on labor costs.
