Previous close | 17.23 |
Open | 17.40 |
Bid | 17.77 x 1300 |
Ask | 17.78 x 2900 |
Day's range | 17.20 - 18.04 |
52-week range | 7.85 - 19.42 |
Volume | |
Avg. volume | 17,728,196 |
Market cap | 7.177B |
Beta (5Y monthly) | 1.96 |
PE ratio (TTM) | N/A |
EPS (TTM) | -0.88 |
Earnings date | 02 May 2024 - 06 May 2024 |
Forward dividend & yield | N/A (N/A) |
Ex-dividend date | N/A |
1y target est | 15.69 |
Lyft and Uber have said they will halt operations in Minneapolis because of a new city ordinance that increase wages for app-based drivers, the latest salvo in a longtime fight between gig economy workers and the tech giants. The city’s council vote Thursday overrode a mayoral veto of the measure and means ride-hailing companies will have to pay drivers the equivalent of the local minimum wage of $15.57 an hour. It’s not the first time members of the city council have advocated for a driver pay raise, nor is the issue exclusive to the city or the state.
The council voted 10-3 to override Mayor Jacob Frey's veto, ensuring rideshare drivers in the city are paid $15.57 an hour. "We are disappointed the Council chose to ignore the data and kick Uber out of the Twin Cities, putting 10,000 people out of work and leaving many stranded," Uber said. Meanwhile, smaller rival Lyft, calling the bill "deeply-flawed", said it hopes to return to Minneapolis as it advocates for a statewide solution in Minnesota.
Lyft and Uber will stop offering services in Minneapolis on May 1 after the city council overrode the mayor’s veto of a minimum wage for rideshare drivers.