LA suspends Uber from renting bikes, scooters
FOX Business' Gerri Willis discusses Uber's launch of a mobile bank-account system for its drivers and riders and the launch of non-emergency transportation for its customers.
Los Angeles has, for the time being, kicked Uber to the curb when it comes to renting bikes and scooters.
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In conflict for months over the issue of whether to give out ride-related information, the company's bicycle/scooter-renting permit was temporarily suspended. Uber's subsidiary Jump must decide if it wants to appeal the decision by Friday or no longer be in the city.
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However, according to The Los Angeles Times, Uber may sue LA -- and said in writing that the suspension was "patently unfair and improper" via an "eleventh-hour administrative review process."
Global X ETFs Senior Vice President Jay Jacobs discusses his support for Uber with regard to its growth in technology. D.A. Davidson SVP & Senior Research Analyst Tom White argues Lyft has better visibility in the short-term.
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“Every other company that is permitted in Los Angeles is following the rules,” Transportation Department spokeswoman Connie Llanos told the Times. “We look forward to being able to work with Uber on getting them into compliance.”
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Uber claims that the ride-sharing information that LA wants it to hand over will violate people's privacy. The city contends that ride-sharing companies cannot be allowed to self-regulate.