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Uber Technologies, Inc. (NYSE:UBER) shares are trading lower today. On Thursday, the California Supreme Court upheld Proposition 22, affirming the decision for the rideshare companies to consider drivers as independent contractors.
In November 2020, California voters approved Proposition 22, a statewide ballot measure that protected the ability of app-based rideshare and food delivery drivers to work as independent contractors with access to guaranteed earnings and new benefits. As independent contractors, drivers maintain control over when, where and how long they work.
Since its enactment, Prop 22 has benefitted millions of drivers and couriers on platforms like Uber, which has provided over $1 billion in direct benefits.
The California Supreme Court’s ruling is a significant win for the ride-hailing industry, which argued that requiring companies to classify drivers as employees could lead to service cutbacks or termination in the state, reported Reuters.
Read: Uber’s Hong Kong Operations In Limbo As Government Plans Regulation For Ride-Hailing Services
The court rejected a lawsuit from the Service Employees International Union (SEIU) and four drivers challenging the constitutionality of Proposition 22. This 2020 measure maintains drivers’ contractor status while offering some benefits.
Uber said the ruling upheld “the will of the nearly 10 million Californians who voted to deliver historic benefits and protections to drivers, while protecting their independence.”
Earlier in the month, Uber introduced new nautical experiences designed to enhance tourists’ adventures across Europe. Among these offerings is Uber Yacht, which will debut in Ibiza this August and provide an affordable luxury yacht experience.
Also Read: Uber Loses VAT Lawsuit For Rivals Outside London
UBER stock rose around 38% in the last twelve months. Investors can gain exposure to the stock via IShares Trust IShares U.S. Transportation ETF (BATS:IYT) and Franklin Disruptive Commerce ETF (BATS:BUYZ).
Price Action: UBER shares are down 0.89% at $65.16 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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