Uber UBER and Lyft LYFT are trading lower after California polls showed a tight race for Proposition 22, which would allow the companies to classify drivers as independent contractors rather than full employees.
The ongoing battle between California and ride-hailing companies regarding whether or not drivers should be classified as employees instead of contractors raises concerns for investors regarding other states potentially following suit and how much would it cost the companies.
Uber and Lyft are both ride-sharing service providers that connect drivers to riders through their respective apps.
Uber was trading 3.62% lower at $34.21 at the time of publication. The stock has a 52-week high of $41.86 and a 52-week low of $13.71.
Lyft was trading 6.30% lower at $23.27. The stock has a 52-week high of $54.50 and a 52-week low of $14.56.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
