The California Senate just approved a bill requiring contractors to be considered as employees, extending them the same rights and benefits that on-demand services like ride-hailing and restaurant delivery services had skipped over in favor of trying to tap into cheaper labor.
Public markets clearly don't like companies that plan to lose billions of dollars per year. But can the bet pay off?
Let's label 2019 as the Yearnicorn - or the year when Silicon Valley's latest crop of billion-dollar companies goes public. What does that mean exactly for the ride-sharing industry?