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  • Trending on the Ticker

  • President Trump signs $2T coronavirus relief package into law; authorizes the IRS to make $1.2k payments to millions of Americans; also establishes programs to disburse ~$1T in business loans; the labor department reported a record ~3.3M unemployment claims for last week - Link

    The law provides unemployment to some gig workers, such as Uber drivers and Airbnb hosts, impacted by the pandemic; Sen Ron Wyden (D-OR), who helped create the legislation, said our Depression-era unemployment insurance system is out-of-date and unequipped to address the pandemic - Link

  • Sony announces it will spin off its Electronics Products & Solutions (EP&S) unit into a standalone company on April 1; EP&S includes the company’s imaging and mobile operations; Sony says the move will allow it to “optimize its organizational structure, talent and business portfolio” - Link

  • Instacart contractors threaten nationwide strike, demanding hazard pay of $5 per order, free safety supplies (hand sanitizer, disinfectant wipes, etc), and expanded sick pay for those with preexisting conditions whose doctors have advised them not to work; Instacart recently announced plans to hire 300k shoppers over three months in North America - Link

  • WeWork says it will likely miss its 2020 financial targets because of the coronavirus pandemic; CEO Sandeep Mathrani and Executive Chairman Marcelo Claure have written to bondholders informing them they are now revising their previous goals; Mathrani and Claure also say WeWork’s revenue grew 90 percent in 2019 to $3.5B, though it’s unclear if the company turned a profit - Link

  • NY Court of Appeals rules Postmates couriers are employees, as the company could not operate without them; Postmates had argued its platform merely connected couriers with customers; State Attorney General Letitia James called the ruling a victory for gig workers across NY, and said delivery drivers deserve the same unemployment benefits that other workers access - Link