Mitchell Green of Lead Edge Capital discusses his outlook for Uber and Spotify.
Uber Technologies Inc. would be forced to close its California lawsuit as a court ruling blocking the classification of its drivers as independent contractors, the company said in a court submission.
A California judge on Monday upheld the state’s request for a preliminary injunction blocking Uber and rival Lyft Inc. from classifying their drivers as self-employed rather than as employees.
Hundreds of thousands of ‘gig’ workers, including many at riding dog companies and app-based food delivery services, are affected by the law, known as Assembly Bill 5 (“ AB5 ”), which is in force came on 1 jan.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 30.63 | -0.21 | -0.68% |
GET FOX BUSINESS ON THE GO by clicking here
The closure would have irreparable damage to Uber and the people who rely on their ride-sharing operations to generate revenue, the company said in its submission court on Tuesday.
“If the court does not reconsider, then in California it is hard to believe that we can quickly switch our model to full employment,” Chief Executive Officer Dara Khosrowshahi was quoted as saying by CNBC on Wednesday.
Read more on fox business by clicking here
