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Image: Brett Jordan on Unsplash
California passed Proposition 22, allowing driver services like Uber, Lyft, and DoorDash to continue to classify its workers as independent contractors and not employees eligible for benefits under state law. DoorDash formally asked SEC for permission to go public.
Even with the plague, the food delivery service still lost 149 million USD CY 2020 through September. It has plans for other business partnerships including a recent deal delivering medicine from Sam's Club.
As we reported last summer, these delivery companies are not profitable. Unprofitable tech companies are more appealing to Robinhood traders than those who write newsletters about economics and forex.