Uber Tumbles After L.A. Suspends Its Electric Scooters

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Investing.com – Shares of Uber (NYSE:) were down in midday trade on Monday after Los Angeles temporarily suspended the ride-sharing company’s license to rent out electric scooters and bikes.

The subsidiary, Jump, has until Friday to appeal. Uber sent a letter to the city, threatening to sue them for what it called “patently unfair and improper” suspension.

Shares were down 2.4%.

The two have been battling over L.A.’s data sharing rule, which requires companies to transmit real-time data on all trips made within the city. Uber has resisted, calling it government surveillance.

The news came as the gig economy company is scheduled to report its after the closing bell.

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