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    Uber, Lyft shares jump as California set to pass gig-worker ballot measure

    Uber, Lyft shares jump as California set to pass gig-worker ballot measure

    Uber, Lyft shares jump as California set to pass gig-worker ballot measure
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    By Reuters  IST (Published)

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    The ballot measure, known as Proposition 22, marks the culmination of years of legal and legislative wrangling over a business model that introduced millions of people to the convenience of ordering food or a ride online.

    Shares of Uber Technologies Inc and Lyft Inc jumped in pre-market trading on Wednesday, as Wall Street cheered the app-based firms' projected victory in their battle to set the terms of the gig economy they have helped create.
    Voters in California backed a ballot proposal by Uber and its allies that cements app-based food delivery and ride-hailing drivers' status as independent contractors, according to a projection by data provider Edison Research.
    Uber's shares rose 12 percent, while Lyft jumped 16 percent. The companies, along with DoorDash, Instacart and Postmates, have collectively poured more than $205 million into the campaign.
    The ballot measure, known as Proposition 22, marks the culmination of years of legal and legislative wrangling over a business model that introduced millions of people to the convenience of ordering food or a ride online.
    After Edison made the projection, state figures showed 58 percent in support of the measure, with nearly 95 percent of precincts at least partially reporting. The results are incomplete and must also be certified.
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