CHANDAN KHANNA/AFP via Getty Images Joe Biden's presidency is likely good news for Uber and Lyft. The companies won big in California with Prop. 22, a law the President-elect was vocally opposed to. With the new gig-work model in place, companies are likely to try and replicate it in other states. Federal efforts to classify drivers or couriers as employees are likely to fall flat thanks to a divided congress, experts say. Visit Business Insider's homepage for more stories.
DoorDash, the U.S. food delivery startup backed by SoftBank Group, made public on Friday its regulatory filing for a listing on the New York Stock Exchange, setting the stage for a blockbuster IPO before the end of the year. Fred Katayama reports.
Voters in California look to have backed a ballot proposal by Uber and its allies that cements app-based food delivery and ride-hail drivers' status as independent contractors, not employees, according to a projection by data provider Edison Research. Emer McCarthy reports.
On Saturday, Netflix said it would declare more than $1.3 billion in UK revenue. The news is likely to put pressure on other tech giants like Amazon and Google many of which use tax jurisdictions to their favor. Business Insider reports Netflix has about 50 productions based in the UK, including "The Crown" and "The Witcher." Variety reports Netflix is planning to double UK spending.
What is a stock split? A stock split is when a company decides to increase the number of shares by dividing its existing shares into additional shares. According to Business Insider stock splits don't provide any economic value to the company. They just reduce the stock's price, making it more affordable. Stock splits are often good signs for shareholders, attracting new investors and eventually leading to a share-price rise.
On Friday, US stocks made gains as hopes for a peaceful transition to the Biden administration offset concerns about soaring COVID-19 cases. Business Insider reports S&P 500 closed at a record high. On Thursday Pres. Donald Trump said he'd hand over power when the Electoral College certifies President-elect Joe Biden as the winner of the 2020 election. The US reported 125,082 new coronavirus cases on Thursday. That brought the seven-day average to 163,831, according to the COVID Tracking Project. Deaths topped 254,000, and hospitalizations jumped above 90,000. The stock market's "fear gauge" fell as low as 19.51 on Friday, dropping amid low trading volumes to its lowest level since the pandemic began.
AstraZeneca and the University of Oxford are facing criticism over their COVID-19 vaccine trial results. According to Business Insider the criticism comes after AstraZeneca admitted to a mistake in the vaccine dosage. During the vaccine trial, some patients got two full doses of the vaccine. Others had a half-dose in their first shot, followed by a full dose. On Wednesday, an AstraZeneca executive described the "mistake" as "serendipity.
Former President Barack Obama threw some geographic shade at the Trump administration in an interview with Stephen Colbert on Tuesday. Business Insider reports Obama praised President-elect Joe Biden's foreign policy picks for the incoming administration. Obama said that he was looking forward to seeing an administration where people 'know where countries are.' In June 2017, President Donald Trump reportedly mispronounced Nepal and Bhutan as "Nipple" and "Button.