Uber loses key authorized battle, which may harm its enterprise mannequin within the U.Ok. and hit gig-economy corporations
Uber lost a key court ruling on Friday that could affect its business model and move the stock into one of its largest international markets.
The UK Supreme Court ruled that drivers of the Hagelfahrt app should be classified as employees, which means they are eligible for vacation pay and minimum wage.
In early premarket trading, Uber stocks fell over 3%.
The decisive decision has far-reaching effects on the so-called gig economy and could mean that Uber UBER is facing large claims for damages at -2.98%.
The Uber driver employment rights case is similar to the one brought to court in California last year.
It comes just months after Uber received an appeal allowing it to continue operating in London, its largest European market, over concerns about its security practices.
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