Uber & Lyft’s Threats To Suspend Services In California

Uber & Lyft’s Threats To Suspend Services In California
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This evening Uber again threatened to suspend services in California at midnight on Thursday, August 20. Gig Workers Rising, a community of app and platform workers organizing for better wages, working conditions and jobs, shared this statement:

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Q2 2020 hedge fund letters, conferences and more

Uber And Lyft Threaten To Suspend Services In California

"Uber and Lyft’s heinous threats to kill driver jobs and leave California are nothing short of extortion. Multi-millionaire CEOs are choosing to lay-off thousands of workers across California in the middle of a pandemic because they don’t want to pay them living wages or give them access to lifesaving benefits. People need to know that nothing Uber does is about protecting drivers or riders - it’s only about protecting their bottom line.

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Uber is going to try to lay the blame for this possible suspension on anybody and everybody but themselves. However, they’ve had over a year to obey the law. Like petulant babies, instead of doing so, they're trying to extort their workers and the people of California. The companies are using this shutdown to force their way and scare Californians into voting yes on Prop 22, their corrupt & undemocratic ballot measure. We will not let this shutdown sway us, Uber and Lyft have the resources and legal requirement to grant all their workers employee status and benefits. We demand that the companies correctly classify their workers as employees and drop their Prop 22 ballot initiative.” —Shona Clarkson, organizer with Gig Workers Rising.

Gig Workers Rising and allies will host a protest outside Uber HQ in San Francisco on Thursday at 12PM. We’ll share more information about the action tomorrow.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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