Uber stock tanks 6% after the ride-hailing firm lost its London operating license
The stock fell 6.3% in premarket trading, at 10:30 a.m. in London , after Transport for London said it found a "pattern of failures" which put the safety of passengers in the city at risk. Tfl said that it found 14,000 trips had been conducted by unauthorized drivers that were using approved Uber driver accounts to pick up passengers.
Uber has up to two months to appeal the decision, and in a statement emailed to Business Insider, it said that it plans to appeal, calling Tfl's decision, "extraordinary and wrong."
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