Gig Economy Bill Brings New Challenge to Uber, Lyft in the New Year

Ride sharing companies are continuing to push back against California’s Assembly Bill 5, a proposed piece of legislation would require employers to treat independent contractors — like Lyft and Uber drivers — as regular employees.

Assembly Bill 5, which the state Senate approved on Tuesday, would require employers to treat independent contractors — like Lyft and Uber drivers — as regular employees.

Uber shares took another hit Monday, dropping below the $40 mark in the company's second day of trading. Dan Ives, Managing Director of Equity Research at Wedbush Securities joined Cheddar to discuss what the ride-hailing giant needs to prove to Wall Street before it becomes a $100 billion company.