[I own DoorDash and Uber stocks.  This is not investment advice.  Please do your own due diligence.]

I disagree with the market’s reaction to today’s gig worker classification rule proposed by the Labor Department.

Here is why.

First of all, this is not a surprise. Today’s proposed rule is actually the Biden administration’s second attempt to set gig worker rules — a highly politicized topic.  The first attempt started on Feb 5, 2021 (the first month of the Biden administration), when the DOL published a proposal to delay a gig worker rule made under the Trump administration.  The Trump-era standard was later withdrawn by the Biden administration, got into a legal fight, got reinstated, and got into another legal fight.  The second attempt was initiated in Jun 2022, when the DOL under the Biden administration announced that it was developing a proposed rule.  In Sep 2022, Reuters wrote multiple stories about this upcoming rule. 

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