: Uber, DoorDash, Lyft stocks rise after Prop. 22 ruling in California
Shares of Uber Technologies Inc. UBER, Lyft Inc. LYFT and DoorDash Inc. DASH ended higher Tuesday, a day after a California appeals court handed them a partial victory that lets them continue treating their drivers and couriers as independent contractors instead of employees — though an appeal to the California Supreme Court is likely. The three-member appeals court ruled two to one that most of Proposition 22, the law that came out of a 2020 ballot initiative on which the companies spent more than $200 million, could be upheld after a judge last year declared it unconstitutional. But the ruling severed one provision of the law, leaving open the possibility that workers could win the right to collectively bargain — which is being considered in places like Massachusetts. Uber saw its shares rise almost 5% to close at $32.34. DoorDash stock increased nearly 6% to close at $56.95. And Lyft’s shares, which have been trading at all-time lows, gave back some of their gains from the day but ended 0.6% higher to $8.51.
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