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Uber stock tanks 6% after the ride-hailing firm lost its London operating license - Business Insider

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Uber stock tanks 6% after the ride-hailing firm lost its London operating license

The stock fell 6.3% in premarket trading, at 10:30 a.m. in London , after Transport for London said it found a "pattern of failures" which put the safety of passengers in the city at risk. Tfl said that it found 14,000 trips had been conducted by unauthorized drivers that were using approved Uber driver accounts to pick up passengers.

Uber has up to two months to appeal the decision, and in a statement emailed to Business Insider, it said that it plans to appeal, calling Tfl's decision, "extraordinary and wrong."

 

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Sad to see innovation get shut down because of historical culture. Sometimes new things are better and should be overtaking the old innovate

I should’ve my shares months ago 🤦🏻‍♂️🤷🏻‍♂️

Don't like Uber but its still million times better than freaking overpriced and never available Taxis

Good. Their horrible.

'Uber co-founder Travis Kalanick unloads nearly $1.5B in company shares.'

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Uber just lost its licence to operate in London - Business Insider👏👏👏 fantastic news! Someone paid off the govt.
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