TELETRADER News
8/12/2020, 4:42 PM (Source: TeleTrader)
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Uber could shut down California ops temporarily

The chief executive officer of Uber, Dara Khosrowshahi, said on Wednesday the company might be forced to temporarily shut down its app in California after a court ruled it must classify its drivers as employees.

Should Uber's appeal to block the ruling fails, Khosrowshahi told CNBC a temporary shutdown in California until at least November is "possible." Earlier this week, a California judge ruled that Uber and Lyft must classify their drivers as employees instead of independent contractors.

Shares of Uber were up 2.15% to $31.86 at 10:40 am ET.

Breaking the News / JC