Uber loses over $1 billion in market value after it reported 6,000 sex-assault cases
Uber lost over $1 billion from its market cap after the ride-hailing company said that roughly 6,000 sexual assaults were reported in its cars over the past two years.
As of 11 a.m. in New York, Uber's stock was down 2.5%.
That translates to about $1.2. billion of a market cap of $48.9 billion, based on the closing price on Thursday.
"Doing the right thing means counting, confronting, and taking action to end sexual assault," Uber CEO Dara Khosrowshahi said in a tweet.
Uber lost over $1 billion from its market cap on Friday after the ride-hailing company said roughly 6,000 sexual assaults were reported in the company's cars over the past two years.
Uber's stock was down 2.5% in as of about 11 a.m. in New York. If it closes down that much, it would lose about $1.2 billion from its market cap, based on Thursday's close of $48.9 billion.
The unicorn tech firm released a report on its website on Thursday detailing the number of sexual assaults, car crashes, and murders that had been reported in 2017 and 2018 during its rides in the US.
It said that 2.3 billion trips were taken in its cars during those two years. In 2018, it recorded 58 deaths in car crashes and nine murders.
The number of sexual-assault reports totaled 2,936 in 2017 and 3,045 in 2018, or 5,981 over the two years.
"Doing the right thing means counting, confronting, and taking action to end sexual assault," Uber CEO Dara Khosrowshahi said in a tweet. "My heart is with every survivor of this all-too-pervasive crime. Our work will never be done, but we take an important step forward today."
He added: "In the long run, we will be a better company for taking this step today — because I firmly believe that companies who are open, accountable, and unafraid are ultimately the companies that succeed. "
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