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Government Shutdown complicates Uber's attempts at IPO

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dShaperoMDM
112
 Posted 1 year, 5 months ago

Same ol' stories from Uber.  They will get what they want though.

For companies like Uber and Lyft, the biggest 2019 headlines will come when they go public, as long as the federal shutdown ends and the U.S. Securities and Exchange Commission gets back to work. But the more important news may be 3,000 miles away in Sacramento, where lawmakers will have to deal with the fallout from a sweeping 2018 state Supreme Court verdict. The decision made it much tougher for companies to label workers independent contractors rather than employees—a direct threat to the business model of ride-hailing companies, among others."

"Now that millions of Americans have experimented with work in the so-called gig economy, there’s been a lot of talk about how much old laws and new startups should bend to accommodate each other. This year you can expect some action. Empowered by voters, squeezed by lobbyists, and provoked by judges, Democrats in states around the country will have to take sides. Although prospects for passing legislation in a divided Congress remain dim, California is one of several states poised to consider rules that could reshape the debate at the national level. Uber spokesman Nathan Hambley said in a statement that the company is committed to working with labor, government, and other businesses to ensure workers “have access to the social safety net” and that it sees “an opportunity to make real progress at the state level, including in California and Washington.” Lyft declined to comment."

https://www.bloomberg.com/news/articles/2019-01-16/uber-has-bigger-problems-to-worry-about-than-the-d-c-shutdown


Comments

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    Wes
    1581 Rider Driver
     1 year ago

    While I typically shutter when the government gets involved in anything, and especially in a business, but in this case, I hope they do!  The only way we will EVER see Uber/Lyft rates become a workable long term method to make a living will be if the government insists that we be classified and PAID as employee's with rate guarantee's so that we can do more than just "break even" after we file our taxes every year.

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    chawes
    747 Rider Guru
     1 year ago

    Welp, I guess some execs are gonna have to wait a little longer to buy those fancy new yachts. Poor, poor things.

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    lionfool
    236 Rider Driver
     1 year ago

    File this under "not my problem" 😃