Uber shares drop as Softbank plans to sell 45 million in stakes

Uber shares tumbled on Wednesday with more than 4.5 percent in extended trading, following a report stating that SoftBank is selling around $2 billion worth of shares, in a definitive attempt to recover from lost bets on Didi and other investments. Japanese telecommunications and technology multinational conglomerate Softbank is selling a whopping 44 million shares […]

California judge rules Uber, Lyft drivers are employees

SACRAMENTO, Calif. (AP) — A judge on Monday ordered ride-hailing giants Uber and Lyft to treat their California drivers as employees instead of independent contractors, a shift that would guarantee benefits like overtime, sick leave and expense reimbursement for workers who make up much of the freewheeling gig economy. But the ruling from San Francisco […]

Uber buys Postmates, ups delivery game in $2.65 billion deal

SILVER SPRING, Md. (AP) — Uber has widened its reach in the fiercely competitive delivery market by acquiring Postmates in a $2.65 billion all-stock deal, the company said Monday. The acquisition enables the ride-hailing giant to increase its delivery offerings at a time when the global pandemic has suppressed customers’ desire for rides while boosting […]

Uber considers buying Grubhub, according to newspaper report

NEW YORK (AP) — Uber is considering acquiring Grubhub in a deal that would give the companies control over a majority of the U.S. food delivery business, according to published reports. Ride-sharing and food delivery giant Uber Technologies Inc. approached Grubhub Inc. earlier this year with an all-stock takeover offer, The Wall Street Journal reported […]

Uber loses $2.9 billion, offloads bike and scooter business

By CATHY BUSSEWITZ Associated Press NEW YORK (AP) — Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. The ride-hailing giant said Thursday it is offloading Jump, its […]

Uber lays off 3,700 as virus upends sharing economy

By CATHY BUSSEWITZ AP Business Writer NEW YORK (AP) — In a world where the coronavirus pandemic has turned social distancing into a new way of life, companies whose business models bank on people’s willingness to share their personal space are now struggling. Uber said Wednesday it’s cutting 3,700 full-time workers, or about 14% of […]

Uber loses $1.1B investing in food delivery, driverless cars

By CATHY BUSSEWITZ AP Business Writer NEW YORK (AP) — Uber is still losing money as it expands its food delivery business and develops technology for driverless cars. But revenue for its rides business nearly tripled in the final three months of last year as the company picked up more passengers around the world. That […]