Uber, Lyft Shares Jump As California Set To Pass Gig-worker Ballot Measure
Uber, Lyft Shares Jump As California Set To Pass Gig-worker Ballot Measure
Shares of Uber Technologies Inc and Lyft Inc jumped in premarket trading on Wednesday, as Wall Street cheered the appbased firms' projected victory in their battle to set the terms of the gig economy they have helped create.

Shares of Uber Technologies Inc and Lyft Inc jumped in premarket trading on Wednesday, as Wall Street cheered the app-based firms’ projected victory in their battle to set the terms of the gig economy they have helped create.

Voters in California backed a ballot proposal by Uber and its allies that cements app-based food delivery and ride-hailing drivers’ status as independent contractors, according to a projection by data provider Edison Research.

Uber’s shares rose 12%, while Lyft jumped 16%. The companies, along with DoorDash, Instacart and Postmates, have collectively poured more than $205 million into the campaign.

The ballot measure, known as Proposition 22, marks the culmination of years of legal and legislative wrangling over a business model that introduced millions of people to the convenience of ordering food or a ride online.

After Edison made the projection, state figures showed 58% in support of the measure, with nearly 95% of precincts at least partially reporting. The results are incomplete and must also be certified.

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