california California Landmark Law Forces Gig Companies to Reclassify Workers California's governor signs AB5, a groundbreaking law that requires gig economy companies like Uber and Lyft to treat their workers as employees rather than independent contractors.
ab5 California Passes Landmark Gig Worker Protection Bill AB-5 California officially enacts AB-5, a sweeping law that requires companies like Uber and Lyft to classify gig workers as employees rather than independent contractors. Ride-hailing giants are already pushing back and exploring a 2020 ballot initiative to overturn the legislation.
apple Apple Confirms September 10 Event as Uber and Lyft Fight California Labor Law Apple sends out official invites for its September 10 event where it reveals three new iPhone models. Meanwhile, ride-sharing giants Uber and Lyft pledge a combined $60 million to keep their drivers classified as independent contractors.
uber Uber and Lyft Fund $60 Million Ballot Initiative to Preserve Driver Contractor Status Uber and Lyft each commit $30 million to a 2020 ballot initiative aimed at keeping California drivers as independent contractors in response to Assembly Bill 5.
uber Uber Posts Record $5.2 Billion Loss as Growth Slows Uber reports a massive $5.2 billion second-quarter loss, its largest ever, while revenue growth slows to just 14 percent. The disappointing earnings cause the company's stock to plummet more than 11 percent.
waymo Waymo and Lyft Begin Limited Self-Driving Ride Trials in Phoenix Waymo launches a small-scale integration with Lyft, offering a select few riders in Phoenix the choice between a traditional ride or a self-driving van. The trial uses fewer than ten vehicles with safety drivers on board.
tech industry Disappointing IPOs and Antitrust Scrutiny Highlight Turbulent Tech Year A look back at 2019 reveals a turbulent year for the tech industry, marked by failed public offerings and increasing antitrust scrutiny. Major startups struggle to maintain their valuations as investor confidence wavers.
uber Uber Stumbles in Highly Anticipated Wall Street Debut Uber shares fall below their initial public offering price on the first day of trading, dealing a blow to the ride-hailing giant's conservative pricing strategy.
aptiv Aptiv and Lyft Surpass 50,000 Self-Driving Rides in Las Vegas Aptiv's self-driving BMWs provide over 50,000 rides through the Lyft app, earning high safety ratings from passengers. Human safety drivers still remain behind the wheel as the indefinite pilot program continues to expand.
uber Uber Reports $1 Billion First-Quarter Loss in Debut Public Earnings Uber reveals a $1 billion loss on $3.1 billion in revenue for its first quarterly report as a public company. The ride-hailing giant sees slow growth in its core business while its food delivery segment surges.
uber Uber Stock Plunges 18.8% Below IPO Price in Rough Second Trading Day Uber closes its second day of public trading at $37.25, a significant drop from its $45 IPO price. CEO Dara Khosrowshahi urges employees to focus on the long-term despite the ongoing market struggles.
uber Uber Stock Drops Below IPO Price Amid Ongoing Market Volatility Uber shares fall more than 10 percent on their second trading day, dropping below the initial public offering price. Despite the disappointing debut, some analysts maintain an optimistic outlook on the company's path to profitability.
uber Uber IPO Records Worst Dollar Loss for U.S. Debut Since 1975 Uber makes unfavorable history as its first day of public trading sees a 7.6% drop, resulting in over $600 million in paper losses for IPO investors.
uber Uber's Stock Market Debut Falls Short of Lofty Expectations Uber opens below its IPO price and closes down 7.6 percent on its first day of public trading. Despite the disappointing debut, the ride-hailing giant secures billions in new capital.
uber Uber Drivers Protest Low Pay Ahead of Highly Anticipated IPO Ride-hailing drivers in multiple major cities go on strike just before Uber makes its stock market debut, demanding better wages and working conditions. The protests highlight the ongoing debate over gig economy labor practices.