Why Uber Technologies Shares Are Falling Today

Uber Technologies, Inc. UBER shares are trading lower on Wednesday.

The ride-sharing and food-delivery firm has been fined €10 million (~$10.86 million) by the Dutch Data Protection Authority owing to infringement of privacy regulations.

“The fine is in response to the company’s failure to disclose the full details of its retention periods for data concerning European drivers, or to name the non-European countries in which it shares this data,” the regulatory watchdog said in a statement.

The DPA also found that Uber had obstructed its drivers’ efforts to exercise their privacy rights.

The DPA determined that Uber had needlessly complicated the process for drivers to submit requests for accessing or obtaining copies of their data. 

Despite having a form within the driver app for these requests, it was situated deeply within the app, spread across different menus, and could have been more logically placed. 

Uber addressed access requests by storing information in a file where personal data wasn’t always clearly organized, leading to challenges in interpretation.

The DPA imposed the fine after more than 170 French drivers complained to the French human rights organisation Ligue des droits de l’Homme et du citoyen (LDH), which submitted a complaint to the French data protection authority. 

As Uber has its European headquarters in the Netherlands, this complaint was forwarded to the DPA. 

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Price Action: UBER shares are trading lower by 2.78% to $64.98 on the last check Wednesday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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