Gig worker stocks are on the move Monday after a California judge weighed in on a lawsuit over the state’s Proposition 22 legislation.
Proposition 22 is legislation that was passed last year after being pushed by major gig worker companies. It created a third class outside of just independent contractors and employees. This offered some gig workers limited benefits but didn’t grant them the full rights of an employee.
California Superior Court Judge Frank Roesch said the following in his ruling.
“The Court finds that Section 7465, subdivision (¢)(4) is unconstitutional because it 2|[defines unrelated legislation as an ‘amendment’ and is not germane to Proposition 22’s stated 3||’theme, purpose, or subject.’. Because Section 7451 is not severable from the remainder of the statute, the Court finds 5||that the entirety of Proposition 22 is unenforceable.”
Here’s how this news is affecting some of the gig worker stocks that were behind the legislation.
Gig Worker Stocks: What to Know Today
- Uber Technologies (NYSE:UBER) stock was up close to 1% after dipping for a short period earlier this morning.
- Lyft (NASDAQ:LYFT) stock is down slightly this morning as it recovers from a deeper dive when markets opened today.
- DoorDash (NYSE:DASH) stock has leveled out down 1.8% this morning after starting a bit lower than that when the opening bell rang.
Of course, this might not be the end of Proposition 22. A lawsuit could bring it back and there’s also a similar proposition on the ballot in Massachusetts.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.