Uber is set to lose $1 billion in market value after it reported 6,000 sex assault cases (UBER)

Reuters

• Uber is set to lose just over $1 billion from its market cap after the ride-sharing company said that roughly 6,000 sexual assault cases took place in its cars over the last two years. 
• At 5 a.m. in New York, Uber’s stock fell 2.2% in premarket trading.
• That translates to about $1.1. billion off a market cap of $48.9 billion.
• In a tweet, Uber CEO Dara Khosrowshahi said: “Doing the right thing means counting, confronting, and taking action to end sexual assault.”
• View Business Insider’s homepage for more stories. 

Uber is set to lose just over $1 billion from its market cap after the ride-sharing company said that roughly 6,000 sexual assault cases took place in the company’s cars over the last two years. 

Uber’s stock fell 2.2% in premarket trading at about 5 a.m. in New York, equivalent to about $1.1. billion of its market cap from 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 took place in 2017 and 2018 in the US. 

It said that during those two years 2.3 billion trips were taken in its cars over the two years and in just 2018, 58 people had been killed in car crashes, while nine were murdered.  

The number of sexual assault cases numbered 2,936 in 2017 and 3,045 in 2018 or 5981 over the two years. 

In a tweet, Uber CEO Dara Khosrowshahi said: “Doing the right thing means counting, confronting, and taking action to end sexual assault. 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. “

For more on the report click here.