Interesting that Uber/Lyft stock price is going up for both! If this is bad news, why is the stock going up? Should employees jump ship or stay? California legislators approved a landmark bill on Tuesday that requires companies like Uber and Lyft to treat contract workers as employees, a move that could reshape the gig economy and that adds fuel to a years long debate over whether the nature of work has become too insecure. https://www.nytimes.com/2019/09/11/technology/california-gig-economy-bill.html
this has been in the works for a while so it isnt really news for traders.
I think it’s going up for other reasons. The CEO is trying to streamline the company and people are getting fired unfortunately. W2 drivers will make it more expensive for Uber and there will probably be more layoffs to cut costs.
Stock is going up because regulation kills competition. It means Uber and Lyft will rule the ride sharing market without fear of any competition. They will raise your ride fare price and you will be forced to pay up, no competitor will come in to under price them and give you a better deal. Then you’ll realize the effects of the stupid policy enacted by the leftist scums.
Taxi cabs are competition now too.
^ yes, but you already know that taxis are even bigger scams. They will never offer you better service at a cheaper price, never. The taxi mafia’s entire business model is predicated on erecting barriers to entry through regulation, and then forcing higher fares.
F’ing liberals that think this is a good idea.
They are leftist scums, not liberals. They’re tainting the liberal group. Liberals are pro liberty not against it.
Learn some politics. Literally left stands for liberty.
Buy the rumor sell the news.. in reverse
So side gigs won’t be a thing anymore? Doesn’t that make people less financially stable because they have to rely on an employer alone?
Great, see you tomorrow at 8am driver. No lunch breaks either — corporate policy
Here come the robots!
You’re probably right. Legislation like this will force it to happen sooner.
It won’t reshape it. Just relocate it. I’m more curious to see how this affects the large tech consulting landscape in Silicon Valley. Will it all move to Seattle and elsewhere?
Seattle here. Moved here from SV. Seattle will overtake SV in 10 years time. CA and SF continue to shoot themselves in the foot. Plus you make way more money here.
it might look like that at the moment. but majority of humans still don’t like the gloomy weather, continues rain and snow. it might drive out few 5-10% from SV to SEA for affordable property values till it is not. In 10 years SV will be more expensive and have more opportunity than what already is! but there will be remote offices not only in Seattle/Austin..distributed across the countries! Opportunity and TC will still be more in SV