Uber's CEO said the ride-hailing company could cut service in California if a rule takes effect that grants drivers the status and benefits of employees.
Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years.The world's leading ride-hailing service set the stage for its long-awaited arrival on the stock market by pricing its initial public offering at $45 per share late Thursday.The price is at the lower end of its targeted range of $44 to $50 per share, a decision that may have been driven by the escalating doubts about the ability of ride-hailing service's ability to make money since Uber's main rival, Lyft, went public six weeks ago.Even at the tamped-down price, Uber now has a market value of $82.4 billion — significantly more than century-old automakers General Motors and Ford Motor.Uber will face its next test Friday when its shares begin trading the New York Stock Exchange.No matter how the stock swings, the IPO has to be considered a triumph for the company most closely associated with a ride-hailing industry that has changed the way millions of people get around while also transforming the way millions of more people earn a living in the gig economy.The IPO raised another $8.1 billion for Uber as it tries to fend off rival Lyft in the U.S. and help cover the cost of giving rides to passengers at unprofitable prices.
Uber's ride-hailing service will give its U.S. passengers and drivers more leeway to pursue claims of sexual misconduct, its latest attempt to shed its reputation for brushing aside bad behavior.The shift announced Tuesday will allow riders and drivers to file allegations of rape, sexual assault and harassment in courts and mediation, rather than being locked into an arbitration hearing.The San Francisco company is also scrapping a policy requiring all settlements of sexual misconduct to be kept confidential, giving victims the choice of whether they want to make their allegations public.It's a conciliatory step from CEO Dara Khosrowshahi.
Many say self-driving cars are going to revolutionize how we get around -- and Q13 News' Matt Lorch traveled to Phoenix, Arizona to go for a ride.Several companies are testing self-driving vehicles down there right now, taking along anyone who is willing.Uber, for example, is testing the vehicles with a vehicle operator behind the wheel.
Washington state attorney general Bob Ferguson on Tuesday filed a multimillion-dollar lawsuit against Uber.Ferguson says the ride-sharing company violated the state's data breach notification law thousands of times.Uber's disclosure that hackers accessed the personal information of 57 million riders and drivers last year, a breach it didn't disclose publicly until last week, adds new potential legal woes for the already troubled company.That hack included the names and driver's license numbers of at least 10,888 Uber drivers in Washington state.“Washington law is clear: When a data breach puts people at risk, businesses must inform them,” Ferguson said. “Uber’s conduct has been truly stunning.
Expedia CEO Dara Khosrowshahi has been named Uber's top executive, taking the difficult job of mending the dysfunctional ride-hailing giant and turning it from money-losing behemoth to a profitable company.
The Washington Attorney General's Office says ride-hailing service Uber has agreed to pay $40,000 and to stop sending unsolicited text messages to customers in the state.OLYMPIA, Wash.
Uber is suspending its self-driving car program, one day after a self-driving Uber SUV was struck during an accident at an Arizona intersection.
Police are crediting Uber driver Keith Avila with helping rescue a girl from alleged child sex traffickers in Elk Grove, California.
It may seem like common courtesy, but Uber has officially laid out a list of dos and don'ts that could get you banned if you don't follow them. The company issued the warning on their website.
Your wait for an Uber in Seattle is shorter if you are in a lower income neighborhood, a University of Washington study finds. On the flipside, that means you will wait longer for a ride if you are in wealthier areas.