Luke Lango Issues Dire Warning

A $15.7 trillion tech melt could be triggered as soon as June 14th… Now is the time to prepare.

Tue, June 6 at 7:00PM ET

Gig Worker Stocks: What UBER, LYFT and DASH Investors Need to Know Today

Gig worker stocks are on the move Monday after a California judge weighed in on a lawsuit over the state’s Proposition 22 legislation.

Uber, Lyft signs in window representing gig worker stocks.

Source: Daniel Dror /

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.

We’ve got more stock market stories to check out below!

InvestorPlace offers up the latest stock market coverage that traders need. That includes why Trillium (NASDAQ:TRIL) stock is rising higher, what has Skillz (NYSE:SKLZ) stock on the move, as well as what else to expect from the market today. You can learn all about these topics at the following links!

More Monday Stock Market News

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 Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC