Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Uber's Stock Drop 6.3% in London Market


Tue 26 Nov 2019 | 02:39 PM
Ahmed Yasser

Uber's stock fell down on Monday, after the ride-hailing firm lost its license to operate in London. According to Transport for London. It found a pattern of failures that put the safety of passengers in the city at risk. Also, it found that 14,000 trips had been conducted by unauthorized drivers who were using approved Uber driver accounts to pick up passengers.

Uber's Stock

Meanwhile, the stock drop would wipe $3 billion off the $50.4 billion market cap Uber closed with on Friday, Markets Insider reported.

Uber's headquarter, based in San Francisco, reported on Monday, it will appeal the decision by Transport for London, which it called extraordinary and wrong.

On other hand, Uber CEO Dara Khosrowshahi explained on Twitter, that the decision was just wrong and vowed to keep going, for the millions of drivers and riders who rely on us. According to

Uber's report,  it collected 24% of its revenue in 2018 from five metro areas: the Bay Area, Los Angeles, New York City, London and São Paulo, Brazil.

Later, Uber  plans to let passengers and drivers record audio of their rides in an attempt. The feature will launch  in  Brazil and Mexico in December. The firm hopes to launch it in other markets including the United States,

According to El Naher News, recordings will be encrypted to protect privacy as well as users can later share the recording with Uber, which will have an encryption key, if they want to report a problem.