The big victory in technology was Californias adoption of proposition 22, which allowed companies such as Uber, LYFT and doordash not to classify most of their service personnel as employees. The victory sent Uber and LYFTs shares soaring and the fortunes of many of its major shareholders soaring.
The net worth of Garrett camp, Ubers co-founder, climbed nearly $350 million to $3.4 billion. Online car hailing and takeaway companies, which support the measure, have invested a record $200 million in the campaign. It is estimated that these expenditures are likely to pay off for many companies, as Uber and LYFT alone can save more than $100 million a year in employment costs.
The election was also a victory for many of Americas super rich, as Republicans won seats in the house of Representatives and maintained control of the Senate. That could help frustrate Democratic presidential candidate Joe Biden, who wants to raise taxes on high-income earners or change inheritance tax laws.
Despite the sharp rise in share prices on Wednesday, not everything was in Zuckerbergs favor on election night, including a vote in California that would allow for higher taxes on commercial real estate, with most of the money going to be spent on education. Zuckerberg and his wife, Priscilla Chan, spent millions of dollars trying to get proposition 15 passed, which would severely limit property tax growth. But as of Wednesday afternoon, support for the measure was still lagging behind. (small)
Source: Wang Fengzhi, editor in charge of Netease science and Technology Report_ NT2541