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Shares of Uber Technologies, Inc. (NYSE:UBER) and Lyft, Inc. (NASDAQ:LYFT) are volatile Thursday following a court ruling allowing the ride-share companies to treat drivers as contractors.
What Happened: The California Supreme Court ruled that Proposition 22, a 2020 ballot measure, is constitutional. This measure allows ride-hailing companies like Uber and Lyft to classify their drivers as independent contractors rather than employees.
This decision is a crucial win for gig-economy companies, preserving their business model and avoiding the additional costs associated with classifying drivers as employees.
UBER, LYFT Price Action: Uber shares were up by 1.62% at $67.21 and LYFT shares were down by 1.86% at $12.15 at the time of writing, according to Benzinga Pro.
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