Why Uber Stock Was Down Today
Shares of ride-hailing and delivery leader (NYSE: UBER) were initially doing much better than the plunging stock market today, with only moderate declines as of midday. However, in the afternoon, shares sank as much as 5.3% at one point, before recovering to a 4.4% decline by 2:26 p.m. ET.
Midday, news came over the wires that the Federal Trade Commission (FTC) was suing the company over tactics for signing up users to its Uber One subscription service.
The FTC's suit alleges that Uber used deceptive practices, misleading consumers over the benefits of an Uber One subscription, while also making it hard to cancel the subscription, and also charging users without their consent. That would violate the Restore Online Shoppers' Confidence Act, which was initially passed in 2010. Of note, this is the first lawsuit launched against a major tech company by the FTC under the new Trump administration.
Source Fool.com
Uber Technologies Inc Stock
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