In short: It’s a cool gadget in search of an audience. | Analysis
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. It’s easy to feel down about the state of the world, what with that looming global recession, the pandemic, those people who insist they unironically love candy corn … and so on. All of that is enough to make anyone curious about this metaverse thing Mark Zuckerberg keeps touting as the future of the internet.
Lyft shares tumbled 12% while Uber’s sank 10% after the Biden administration announced a new proposed labor rule that could reclassify gig workers — the bulk of those companies’ drivers — as employees. Such a change, which the rideshare companies have fought in the past, could entitle millions of gig workers across industries to benefits such as minimum wage and overtime pay.
constant theme of the 2020s so far is that nothing is quite as expected. Not our politics, not our grasp of Covid-19, and, perhaps more than anything else, you can pretty much throw out what you thought you knew about the US labor market. See here: The pandemic’s upheaval of global supply chains pushed manufacturers at home to ramp up production as it got harder and harder to move goods around the globe.
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