Uber adds booking, Prop 22 woes and DoorDash going public. LegalRideshare breaks it down.
Vaccines, reservations, the downside of Prop 22 for drivers, and a DoorDash IPO. This Week in Rideshare has the story!
MONDAY 11/09/20
Uber goes up. Shares of the company popped up over 7.38%. The reason? A COVID-19 vaccine is on the way. Techcrunch reported:
Uber shares surged 7.38% to close at $48.18 following news that a vaccine candidate is 90% effective at preventing COVID-19, and could start coming to market in a matter of months.
Uber’s share pop is notable beyond this one-day vaccine-news boost. This is the highest close for Uber since its public market debut in May 2019. This is also the first time since June 2019 that shares closed above its $45 IPO price.
TUESDAY 11/10/20
Want to book an Uber a few days out? Now you can. The Verge explains:
Starting this week, Uber Reserve will be live in 20 US cities. The process for booking a scheduled ride is much more streamlined than in the past. Rides can be booked as much as 30 days in advance but no less than two hours before the scheduled pickup.
The upfront fares will include a service fee ranging from $8–12, depending on the market.
WEDNESDAY 11/11/20
With Prop 22 a win for Uber and Lyft, it may be a loss for drivers. The Guardian explains:
Under Prop 22, workers at gig companies will continue to be classified as contractors, without access to employee rights such as minimum wage, unemployment benefits, health insurance, and collective bargaining.
Lyft driver in San Francisco; image by Paul Hanaoka, via Unsplash.com.
The ballot initiative, opponents warned, would continue poor wages and substandard working conditions for gig workers, and it would leave them with little recourse to fight those conditions.
THURSDAY 11/12/20
On Thursday, the concern over Prop 22 continued as one driver put it into perspective. The Guardian explains:
Prop 22 promises substandard healthcare, a death sentence to many in the middle of a pandemic. We’re promised a sub-minimum wage in the middle of a recession that an independent study showed would be as low as $5.64 an hour— not the eventual $15 state minimum. We’re given no family leave, no paid sick days and no access to state unemployment compensation. Most importantly, while we’re already prevented from unionizing under federal law, the measure also makes it nearly impossible for California to pass laws protecting drivers who organize collectively, a fundamental right that companies undermine to silence worker power.
FRIDAY 11/13/20
It looks like DoorDash is opening the door…to go public. Eater reports:
DoorDash is looking to join competitors Uber and Grubhub as a publicly traded company, officially filing its IPO with the SEC today.
DoorDash is the United States’s biggest delivery service, with 49 percent of the meal delivery sales in September, compared to Uber’s 22 percent and Grubhub’s 20 percent.
LegalReader thanks our friends at LegalRideshare for permission to republish this piece. The original is found here.
Join the conversation!