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

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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Matt Turner in New York at mturner107@bloomberg.net

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