Uber Likely to Shut Down in California Unless Drivers Remain Non-Employees, CEO Says
In a Wednesday interview with MSNBC, Uber (NYSE: UBER) CEO Dara Khosrowshahi told interviewer Stephanie Ruhle that the ride-hailing service would probably temporarily shut down its California operations if it was forced to classify its drivers as employees.
One of the best-known "gig economy" companies, Uber normally classifies its drivers as independent contractors, thus avoiding certain regulations and costs. However, California's Assembly Bill 5, which went into effect on January 1, requires most gig economy workers to be reclassified as employees.
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Source Fool.com
