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@Phil
phil spade
@Phil · 1:18

Gig economy stocks take a hit

article image placeholderUber, Lyft and DoorDash stocks plunge after Biden’s labor secretary says ‘in a lot of cases, gig workers should be classified as employees’
And I know these companies have said that without that, their business model would not be profitable or would just not be because I don't think DoorDash is even profitable, but the model wouldn't work. So no doubt we see why these companies are down today. But it's kind of scary that you could lose 10% of your value overnight just by a Labor Secretary answering a question in an interview. Kind of scary. Definitely something to be watching closely

https://s.swell.life/SSW07etbzVdk9KJ

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@msmithivas
Mark Smithivas
@msmithivas · 1:24
So when they kind of say that there's no way they can be profitable with drivers as employees, it is a little bit kind of ironic because there are doubts about whether they'll ever be profitable with the current model
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@Phil
phil spade
@Phil · 1:20

Thank you for the clarification

And we had talked about it back in November at length. I'll have to find the swell on that. But back then, even now, I still don't know where I'd stand on it, because I do think that there's some exploitation and especially for if somebody drives 70 hours a week for Uber, then they should have benefits. I honestly believe that. But if somebody's driving 4 hours per week for DoorDash, that seems to be more in line with an independent contractor
@Cartier
Ryan Cartier
@Cartier · 4:40

#autonomousvehicles #businessowners #independentcontracts #benefits

So why build in an employee base when you're not going to like that's not the plan. It's going to autonomous vehicles. And maybe that's just what I thought from the get go, they might have had a different plan. But I do see this like YouTube, where you build the user base first and determine how to monetize after. Except it was really clear that if they built the user base first, they would just load autonomous vehicles onto the platform
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