As the Labor Department proposed a new rule that could change the status of many workers from independent contractors to employees, Lyft shares hit all-time intraday lows:
The Labor Department on Tuesday proposed a rule that could cut at the heart of the business models of Uber Technologies Inc., Lyft Inc., DoorDash Inc. and other companies that primarily rely on “gig workers,” and could affect the classification of contract workers in many other industries.
Ride-hailing giants Uber and Lyft issued optimistic statements about the new rule Tuesday, while DoorDash and Instacart referred MarketWatch to the Flex Association, which did not immediately return a request for comment. According to the department’s news release, its Wage and Hour Division considered feedback from stakeholders over the summer and is now asking for comment on the proposed rule. Starting Thursday, there will be a 45-day comment period that ends Nov. 28. If the proposed rule is finalized, it is expected to take effect early next year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kappa Pi Omega attends conferenceApproximately 40 members of the local graduate chapter of Alpha Kappa Alpha Sorority, Inc., were among the 1,000 members who attended the organization’s Southeastern Region Alabama Cluster in Mobile on
Read more »
Toast stock rallies after Mizuho says buy, as survey shows ‘delicious path to profitability’Shares of Toast Inc. rose 1.2% in premarket trading Monday, after the provider of consumer payment systems for restaurants was upgraded at Mizuho, with...
Read more »
Gartner Identifies 7 Technology Disruptions That Will Impact Sales Through 2027Sales leaders need to recognize, prioritize and respond to seven technology disruptions that will transform sales over the next five years, according to Gartner, Inc.
Read more »
Meta Platforms real estate executive says company will 'recalibrate our space' - Silicon Valley Business JournalMeta Platforms' real estate presence in the Bay Area accounts for about 10 million square feet of existing office space with another 2.3 million in the works Facebook Meta
Read more »
RingCentral added to ‘zombie’ stocks list by equity research firm New ConstructsCloud-based communication company RingCentral is a 'cash incinerator' at risk of declining to $0 per share, according to equity research firm New Constructs. RingCentral’s stock has fallen 80.9% in 2022, outpacing the S&P 500 index’s decline of 24.3%.
Read more »
DC's Stargirl Season 3 Update: New Episode Overviews, New CluesWith a new episode of TheCW's DCStargirl hitting this week, we now have updated previews for S03E07/S03E08 InfinityInc. Parts 1 & 2. / Stargirl Starman JSA DCU DCEU
Read more »