Blimey! Transportation For London (TFL) suspended Uber’s license to operate in the city.
What’s their beef with Uber?
A “pattern of failures” that risked passenger safety was the main reason for the suspension.
- Hey, you’re not my driver! Unauthorized Uber drivers were caught picking up passengers…14,000 times.
- Uber is appealing this decision and will continue operating during the appeal.
- London is one of Uber’s leading markets, with 3.5 million riders and 45,000 licensed drivers.
How Does It Affect My Wallet?
Repeat offender. In 2017, TFL denied Uber’s application for a long-term license, citing safety concerns and other issues.
- Uber is also facing regulatory issues in Germany, Italy, and Spain.
Uber’s post-IPO performance has been a disaster so far and these new issues create more potential turmoil.
- Uber has fallen more than a third from its IPO price of $45 – closing yesterday at $29.50
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