May 4, 2021

Lyft, DoorDash, and Uber saw all of their stocks fall off a cliff on Thursday when Marty Walsh, Biden’s Labor Secretary, said that “gig workers should be classified as employees” and that they want to “make sure success trickles down to the worker”. As a result, Lyft, DoorDash, and Uber’s stocks dropped by 10%, 7%, and 6% respectively. Some see this as a buying opportunity, as in the immediate, rideshare will bounce back with an open economy. In addition, a national ruling on gig workers may be better than a “patchwork” of state laws where some states are more stringent. Walsh is a former union leader and this may just be the beginning of lots of new policies.


FINSUM + Magnifi: Tech is rallying right now off of great earnings reports. This will likely be a temporary dip until real legislation is in the pipeline, but tech companies with fewer gig workers might be safer.

Other news today: This Asset Will Be the Big Winner from Biden’s Tax Plans and Alternative Investing: The Best Places to Invest in Residential Real Estate


Magnifi is changing the way we shop for investments, with the world’s first semantic search engine for finance that helps users discover, compare and buy investment products such as ETFs, mutual funds and stocks. As of May 2021, 350,000+ users with $500+ Billion in Assets Under Influence, have used Magnifi over 2,000,000 times. Try it for yourself today.


This blog is sponsored by Magnifi. The information and data are as of the publish date unless otherwise noted and subject to change. This material is provided for informational purposes only and should not be construed as individualized investment advice or an offer or solicitation to buy or sell securities tailored to your needs. This information covers investment and market activity, industry or sector trends, or other broad-based economic or market conditions and should not be construed as investment research or advice. Investors are urged to consult with their financial advisors before buying or selling any securities. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Past performance is no guarantee of future results. This content may not be reproduced or distributed to any person in whole or in part without the prior written consent of Magnifi. [As a technology company, Magnifi provides access to tools and will be compensated for providing such access. Magnifi does not provide brokerage or custody services.]