Bloomberg Law
Oct. 11, 2022, 1:40 PM

Uber, Lyft Sink on US Department of Labor Worker Rule Proposal

Matt Turner
Matt Turner
Bloomberg News

Shares of Uber and Lyft tumbled on Tuesday after the US Department of Labor announced a proposed rule change that would tweak the way that it determines if workers can be classified as employees or independent contractors.

  • Uber falls as much as 9.9%, while Lyft sinks as much as 11%
  • The Department of Labor said in a statement that it believes the new proposal will “help protect workers from misclassification”
    • READ: Labor Department Moves to Change Worker Classification Rule

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