Uber and Lyft shares rise after California court victory lets them classify drivers as contractors

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Uber and Lyft shares rise after California court victory lets them classify drivers as contractors
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A California appeals court reversed a lower-court ruling that had found Proposition 22 unconstitutional.

App-based gig worker Jesus Barra stands on his car during a demonstration outside Los Angeles City Hall to urge voters to vote no on Proposition 22, a November ballot measure that would classify app-based drivers as independent contractors and not employees or agents, in Los Angeles, California, U.S., October 8, 2020.

In Nov. 2020, California voters approved Proposition 22, which allowed ride-sharing and delivery app makers to classify their drivers as independent contractors. A California judge ruled the proposition unconstitutional in 2021, arguing that it infringed the legislature's power to set standards at the workplace. The state andShares of ridesharing and delivery companies rose on the news, with

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