Uber is raising the saddest $10 billion in funding ever

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Uber is still a shiny unicorn per Silicon Valley standards, but the ride-hailing giant is nowhere near as magical as it used to be.

The latest development in a series of unfortunate events: Uber signed off on a new funding round that could total up to $10 billion. That cash infusion, led by Japan’s SoftBank Group and U.S. investment group Dragoneer, would be classified as a war chest to nearly every other company in the world. But to Uber, it’s a sad development in a long wave of painful setbacks. 

“We believe this agreement is a strong vote of confidence in Uber’s long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance” an Uber spokesperson wrote in an email to Mashable. Read more…

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The UK again says Uber drivers are employees—next stop is the Supreme Court

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Uber is already fighting U.K. officials over its ban from London. Now the ride-hailing giant might head to the Supreme Court—for another case entirely. 

Uber lost an appeal Friday over a ruling that required the company to categorize its drivers as employees with worker benefits like minimum wage, overtime, and vacation pay and not as independent, self-employed contractors. 

This is a battle Uber has fought all over the world, including a major lawsuit in California. Classifying its drivers as employees would upend Uber’s business model, which depends on the kind of obligations-free labor independent contractors provide. This is the same problem that faces other fast-growing gig economy companies that rely on independent workers, like Postmates and Instacart.  Read more…

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View More The UK again says Uber drivers are employees—next stop is the Supreme Court