Toronto, Ontario — This week, Tesla and Rivian recover from stock dips, while Ontario plans to introduce legislation for gig workers like Uber drivers and other ride-share drivers.
Short circuits for Tesla, Rivian
Both Tesla and Rivian took hits to their stocks last week, with Tesla down 5.7 percent last Tuesday and Rivian down 9.2 percent the same day.
While looming geopolitical tensions are largely to blame, Tesla CEO Elon Musk also reignited a longstanding spar with regulators, including the Securities and Exchanges Commission (SEC). Most recently, Musk and his attorneys accused the SEC of publicly leaking information from a federal probe into Musk and Tesla as a form of retaliation.
Rivian, on the other hand, suffered a 9.2 percent drop last Wednesday, closing the day at 57.53 per share, down nearly eight percent from the day prior.
As of Tuesday’s close, shares of Tesla were trading at 860.52, up nearly six percent from Friday’s close, while Rivian traded at 65.61, up 3.4 percent from Friday’s close.
Ontario’s Uber deal
Ontario is introducing legislation to establish a minimum wage and other rights for gig economy workers like drivers for ride-hailing services, Premier Doug Ford said Monday.
The legislation will include clarity around hours and pay calculations, said Ford, who called the legislation a first for the province. It also includes protection against dismissal from a digital platform without proper notice of explanation, as well as ensures that tips remain with the workers who earned them, said Ford.
The proposal will have to go through the legislative process and will be voted in Ford’s majority government, meaning it will be likely to pass.
Gig companies like Uber have been under fire for the lack of benefits and protections they offer their drivers. Uber reached an agreement with United Food and Commercial Workers Canada, a union representing at least 250,000 workers at companies like Loblaw Companies, Molson Coors Beverage Co. and Maple Leaf Foods.
Uber and United Food and Commercial Workers Canada said they would jointly lobby Canada’s provincial governments to pass labour reforms that would provide gig workers with minimum earnings, a benefits fund that includes pension, sick pay and other rights.