The (Other) Winners of Last Night's Election

November 5th, 2020 Options Trading Strategies Guide This FREE strategy guide breaks down 11 specific options methods for a total game plan in any market condition!Register now Today, we planned to talk about the election results and where our investments will go from here. But as of this writing, November 4th, 9:30 AM EST, there is still no clear winner of the Presidential Race. However, while we're still waiting on those results, there were two other, major, winners in last night's election: Uber & Lyft. Proposition 22 During this cycle, California introduced Proposition 22 to the public. The Proposition proclaims that drivers for Uber and Lyft are listed as independent contractors, rather than employees. By voting NO on Prop. 22, Lyft & Uber drivers can list themselves as employees so that they can receive benefits such as health insurance, sick leave and paid time off. By voting YES on Prop. 22, the Uber and Lyft can keep listing their drivers as independent contractors and as such, deny their drivers employee benefits. Last night, the proposition passed by a large margin. The Aftermath This morning, Uber stock soared up by about 12%. Meanwhile, Lyft stock soared by about 11%. While both companies are not obligated to provide their drivers with full employee benefits, they will likely offer other benefits like guaranteed hourly earnings or vouchers for subsidized health insurance. Should I Invest in Uber or Lyft? We still don't know what the long run effects of Prop 22. All we know now is that while transportation may become more expensive through Lyft and Uber, both companies may still save money in the long run from not providing employee benefits to drivers. If you happen to have some Uber/Lyft stock, congratulations! I would hold on to that stock. But if you're looking to cash in on the Prop. 22 hype, I'd wait a couple of weeks to see where the hype goes. But in the end, if you're going to invest in Uber or Lyft stock, you need to understand that this will be a long-term investment.

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