Uber Loses $1.4 Billion in Value After Acknowledging Thousands of Sexual Assaults

"Uber's stock market value fell by $1.4 billion Friday, on the heels of the company's release of a safety report revealing that 3,000 incidents of sexual assaults took place during its U.S. rides in 2018," reports the Bay Area News Group:

On Thursday evening, Uber released its long-awaited safety study, which revealed that the company received 3,045 reports of sexual assaults in its rides in 2018, and 2,936 such incidents in 2017. Those figures included 235 reports of rape in 2018, up from 229 in 2017, and thousands of other assaults ranging from unwanted touching, kissing or attempted rape. Between 2017 and 2018, the company said it averaged about 3.1 million rides in the U.S. each day.

Uber is not the only ride-hailing company grappling with safety issues, though. Earlier Thursday, its top rival, Lyft, was sued by 20 women alleging they were raped or sexually assaulted by Lyft drivers.

In a statement on Twitter following the safety report's release Thursday, Uber Chief Executive Dara Khosrowshahi pledged to take further measures to protect the safety of both passengers and drivers.

The editorial boards of two Silicon Valley newspapers said the report seems to be an attempt "to confront legitimate problems head-on and transparently," asking how the figures compare to those for taxicabs and applauding Uber for instituting tighter background checks on drivers and adding more safety features to Uber's app.

"But it also must acknowledge that these safety issues should have been anticipated. Entrepreneurs aren't doing themselves -- or their industry -- any favors when they fail to anticipate problems and only act on consumer issues after the fact."