https://wccftech.com/uber-and-lyft-down-as-ab5-becomes-law-in-california/

Paid hackers $100,000 to delete consumer data and keep the 2016 hack under wraps | (Image: Spencer Platt/Getty Images)

Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) are trading down today as California passes AB5 which is considered a direct attack on the two ride-hailing companies. You can read some of our previous coverage here. In response to this legislation, Uber has made the bold move to state that it does not consider the passage of this bill as material to its business because they are primarily a “digital marketplace” and that drivers are not a regular part of its business. The two companies are likely on a similar page here as Uber is contending that it is not technically a ride-hailing company but rather, it is providing a connection service to drivers and passengers that is allowing them to connect together using the services that the companies are providing. Drivers and passengers are free to decline rides if they want and both can accept rides they agree to.  In this way, the drivers are also customers of the matchmaking service as well.