Shares of Uber, Lyft soar on expected passage of California gig-labor ballot measure

Shares of American ride-hailing giants Uber and Lyft are sharply higher in pre-market trading this morning on the expected passage of Proposition 22, a California ballot measure that allow tech-enabled, on-demand companies to continue classifying gig-workers as independent contractors. Shares of Uber are up 11.88% in pre-market trading, while shares of Lyft — which is more heavily dependant on the U.S. market, and thus California — is up a staggering 14.9% before the market open today. TechCrunch noted that the ballot measure looked set to pass around 3 am Eastern Time last night.

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