The measure, modeled on California's Prop 22, "could make Massachusetts the epicenter for an expensive fight over the legal rights of gig workers."
The $2.65 billion deal will expand Uber's delivery business as its core ride-sharing service sees "massive headwinds" due to COVID-19.
While Uber's Rides segment is profitable, it is spending heavily on new businesses such as Eats.
"It’s critical we get our edge back and continually push ourselves to do better," Uber's CEO says.
“What’s sapping investor confidence ... is the absence of a clear path to grow revenue and cut costs,” an analyst says.
Despite weighty challenges, positive financial signals abound for the high-profile firm, and its still relatively new management team wins strong plaudits.
The offering prospectus “renewed questions about how sustainable Uber’s business actually is," showing core revenue growth slowed to 39% last year.
The $3.1 billion deal "is an important moment for Uber as we continue to expand the strength of our platform around the world," its CEO says.
The company's Q3 net loss widened to $1.07 billion as it continued to expand its Uber Eats food delivery service and new transportation offerings.
Chai, who fills a position vacant since 2015, "has a year to turn Uber into a profitable company" ahead of a planned IPO.
The Japanese conglomerate is leading an investor group that could put as much as $10 billion into Uber as it prepares for an IPO in 2019.
Xchange Leasing turned out to be losing an average of $9,000 per car — 18 times what Uber had expected.
