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janrinok (52)
Federal gig worker proposal tanks Uber, Lyft and DoorDash stocks:
The stock prices of Uber, Lyft and DoorDash slid on Tuesday after the Department of Labor announced proposed changes to how workers should be classified. The prospective guidance is intended to "combat employee misclassification," the federal agency said in a statement.
Soon after, Uber's share price dropped by more than 10% to $24.61, while Lyft's tanked more than 12% to $11.22 and DoorDash's fell more than 5% to $44.98 at the time of writing.
The rule could make it easier for contractors to gain full employment status if they are "economically dependent" on a company. However, the scope of the proposal itself would be limited to areas such as minimum wage enforcement.
Uber, Lyft and DoorDash depend extensively upon gig workers, who haul people and meals around on their behalf but do not receive many hard-won benefits of employment — such as employer contributions toward their Social Security and Medicare taxes. Despite pressure from labor organizers and some lawmakers, some tech firms have fought to continue classifying their workers as independent contractors, arguing the status benefits their businesses, other local businesses and workers themselves.
Ride-hail and meal-delivery companies say that changing how gig workers are classified would threaten their businesses, yet these firms — Uber, Lyft and DoorDash — have also posted hefty net losses under the status quo.
Attempts to alter gig worker classification in the U.S. include a recently rejected ballot measure in Massachusetts, which could have explicitly defined such workers as independent contractors.
In California, an effort to secure benefits for gig workers — AB-5 — passed in 2019. A year later, app-based gig workers in California were excluded from the law via Proposition 22, which itself was deemed unconstitutional in the state in 2021. However, app-based gig companies have appealed that ruling and continue to operate in California under the guidance of Prop 22. (Every day is a winding road.)
[...] The Labor Department's proposal is subject to a public comment period, which runs from from October 13 to November 28.
(Score: 1) by Runaway1956 on Tuesday October 18 2022, @12:16PM (3 children)
People have been dumping money on all of these worthless companies, just because "high tech". Remember the dot-com bubble? This is little different. I hope the people dumping money weren't investing all of their retirement money. If so, they are screwed.
Also, funny how the US claims to lead the world in human rights, but we manage to exploit our own people so effectively.
Abortion is the number one killed of children in the United States.
(Score: 2) by takyon on Tuesday October 18 2022, @12:49PM (1 child)
Uber just added some serious value. [soylentnews.org]
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @07:48PM
Can't really do that in the US yet, gotta end the federal prohibition first. Just because they don't prosecute (as much), doesn't mean they can't...
(Score: -1, Spam) by Anonymous Coward on Wednesday October 19 2022, @08:04AM
Runsaway, in the bidniss, cause it's all low tech, purple pod peas, and Oregon Grapes, and some other such greenery. That is why he loved his first lady so much, Mrs. Gov. Hilary Clinton. But now, he has a new love, Tulsi Grabbard, the follower of the cult of the Jagad Guru, and PILF. Really, kind of a pathetic old redneck boomer by now, ain't he?
(Score: -1, Troll) by Anonymous Coward on Tuesday October 18 2022, @05:41PM (11 children)
Yet another janrinok "journal" entry goes the wrong way, so he quickly pulls another left-wing reject from the Story Subs Queue [soylentnews.org] so nobody will notice it. Thank you, but no thanks.
Three weeks from the election, you need to begin to focus on an October surprise, not just throwing more shit at the fan.
(Score: 0, Interesting) by Anonymous Coward on Tuesday October 18 2022, @06:19PM (10 children)
The Federal Reserve is insolvent. Bonds purchased at less than 2% yield can no longer be offset by BlackRock advised asset purchases. How's that for an October surprise?
(Score: 0, Insightful) by Anonymous Coward on Tuesday October 18 2022, @06:32PM
No, that's the wrong kind of surprise. They want something like record low gas prices (drained from our dwindling Emergency Oil Reserves), big payday checks for everyone (national debt is just a theory, now), and a free chicken in every pot (and free pot for every chicken). Throw in a Nobel Peace Prize or two, a new&improved CCP virus emergency, and a perpwalk scene (orange jump suit for an orange man), and maybe then you're talkin' 'bout how October is supposed to work.
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @08:02PM (8 children)
Well, after throwing over 30 trillion at Wall Street for the last fifteen years, what would you expect??
(Score: 1) by Runaway1956 on Tuesday October 18 2022, @10:21PM (7 children)
I expect them to just print more money. That's what they do. Print worthless fiat money, "loan" it to the government, sit back and draw interest. The Fed contributes nothing to anything, anywhere, outside the clique of insider investors.
Abortion is the number one killed of children in the United States.
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @10:34PM (5 children)
Well, I'm ahead of the game, I have an account that pays 2.5%
(Score: -1, Troll) by Anonymous Coward on Wednesday October 19 2022, @12:00AM
Oh yeah? Aristarchus once thought he was ahead of the game by having 2.5% of accounts!
(Score: -1, Troll) by Anonymous Coward on Wednesday October 19 2022, @01:07AM (2 children)
Do you have any idea what 2.5% is, compounded, over 2400 years? Aristarchus don't need no SoylentNews. He may just buy it.
(Score: -1, Troll) by Anonymous Coward on Wednesday October 19 2022, @03:38AM (1 child)
This site is worth all of $3.50. It runs on free software set up by better people more knowledgeable than the current admins. First janrinok banned barrabas using classic COINTELPRO, then TMB was banned after figuring that out that janrinok is not retired at all, but an active GCHQ asset.
(Score: -1, Troll) by Anonymous Coward on Wednesday October 19 2022, @08:07AM
Thanks, EF, your conspiracy theory is noted, and really, could actually be true!
(Score: 0) by Anonymous Coward on Wednesday October 19 2022, @02:01AM
- Futurama - A Fishful of Dollars (1999) [imdb.com]
Now, all we have to do is scrape together a bank account with $93,000, then put Greta Thunberg in a time capsule for a thousand years... but how does she get back?
(Score: 0) by Anonymous Coward on Wednesday October 19 2022, @12:32AM
That is what caused the problem but now who would buy the debt? BoE is in a similar situation. [nitter.net]
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @07:32PM
Did anyone think to check the stock of traditional taxi-cab companies? They were the original target of Uber et al, perhaps this will give cab companies a boost?
(Score: 3, Informative) by cmdrklarg on Tuesday October 18 2022, @08:02PM (2 children)
If your business plan depends upon exploitation of the people doing the work, you need a new business plan.
The race to the bottom is never good for the racers.
Answer now is don't give in; aim for a new tomorrow.
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @08:05PM
Isn't supposed to be... But it's great for the bookies
(Score: 0) by Anonymous Coward on Tuesday October 18 2022, @08:26PM
Every job I've ever had, they've required me to do the work. That's why they paid me.