Shares of Uber Technologies Inc. and Lyft Inc. were flat Wednesday after the California Public Utilities Commission said in an order that ride-hail drivers are employees under AB5, the state’s new gig-work law. “For now, TNC [transportation network companies] drivers are presumed to be employees and the Commission must ensure that TNCs comply with those requirements that are applicable to the employees of an entity subject to the Commission’s jurisdiction,” CPUC Commissioner Genevieve Shiroma wrote. Uber and Lyft were not immediately available for comment.
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