Report: Uber, Lyft In Talks With California Governor On Gig Economy Workers

Uber Technologies Inc UBER and Lyft Inc LYFT shares have been trading higher following reports that the California state Senate has passed a bill that will reshape how the companies do business.

The legislation is known as “Assembly Bill 5” and would require gig economy workers to be reclassified as employees instead of contractors.

California Gov. Gavin Newsom said he still hopes to make deals with the companies and is still in talks with the two companies, The Wall Street Journal reported.

Lyft shares were up 3.63% at $47.10 at the time of publication Wednesday, while Uber shares were higher by 1.76% at $34.10. 

Related Links:

Lyft Names New Chief Accounting Officer

Uber's Request For Tariff Relief Denied By US Trade Rep

Photo via Wikimedia.