Jim Cramer, the CNBC finance host with such bad takes they sparked an Inverse Cramer movement, has a new message for retail investors: Tesla screwed up its robotaxi launch, and now isn’t the time to go putting your money into Elon Musk’s no-longer-a-car company. Given Cramer’s history, this can only mean that Tesla is going … Read more
Uber’s new AI-driven pay model is raising concerns among Ontario drivers about potential impacts on their earnings, while consumer advocates warn that it could also lead to higher fares for riders. Introduced in British Columbia last September, the pay system has sparked debate within the industry about how ride-hailing companies might leverage data to exert … Read more
Uber and Lyft have been locking New York City drivers out of their apps to avoid paying millions of dollars in pay, according to a report. Rideshare app drivers have been getting locked out of the two apps – with messages that flash “unable to go online” or tell drivers to go to a busier … Read more
Lyft’s shares tanked 17% on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber. Uber, which reported strong results on Tuesday, and Lyft are locked in a tussle for market share in the North American ride-hailing sector. Benefiting from a global footprint and wider array of services, Uber … Read more
California’s top state court on Thursday upheld a measure approved by voters allowing app-based services such as Uber and Lyft to consider drivers in the most populous U.S. state as independent contractors rather than as employees entitled to greater benefits. The ruling by the California Supreme Court is a major victory for the ride-hailing industry, … Read more
Photo: Justin Sullivan The California Supreme Court upheld Proposition 22 in a unanimous decision on Thursday. The ballot measure allows Uber, Lyft and a plethora of other gig app companies to classify drivers on their services as contractors instead of employees. Prop 22 passed in November 2020 with 58.6 percent of voters in favor of … Read more
California’s top state court on Thursday upheld a measure approved by voters allowing app-based services such as Uber and Lyft to consider drivers in the most populous state as independent contractors rather than as employees entitled to greater benefits. The ruling by the California Supreme Court is a major victory for the ride-hailing industry, which has said that many companies would end … Read more
Lyft will implement several safety and governance reforms to settle a shareholder lawsuit accusing the ride-sharing company’s officers and directors of not doing enough to stop drivers from sexually and physically assaulting passengers. A preliminary settlement was filed on Tuesday night in the Oakland, Calif., federal court, and requires a judge’s approval. Lyft agreed to boost … Read more
Even though there’s a .00006% chance that a startup will reach a $1 billion valuation, Silicon Valley investor Mike Maples Jr. has placed early bets on more than one startup that beat the odds. Across his nearly two-decade investing career, Maples found that startups he invested in early that are now worth over a billion … Read more
Tesla is postponing its planned robotaxi unveiling to October to allow teams working on the project more time to build additional prototypes, according to people familiar with the decision. The roughly two-month delay has been communicated internally, said the people, who asked not to be identified because the information had not been publicly announced. The … Read more
