Yahoo Finance Uber, Lyft Temporarily Suspend Service In Some US Cities Due To Protests
As protests continue over the killing of George Floyd, an African-American who died while being restrained by a white policeman, some local governments have imposed curfews, leading to ridesharers Uber Inc. (NASDAQ: UBER) and Lyft Inc. (NASDAQ: LYFT) suspending services.
What Happened
Uber has suspended its services in Los Angeles, Oakland, San Francisco and parts of Minneapolis during curfew hours.
Lyft is following local guidance on curfew compliance, while the food delivery service DoorDash will also suspend operations in areas where curfew is in place, reported CNBC.
Uber said in a statement, “Some cities have requested that we suspend operations completely while others want to ensure Uber is available for essential services.” The company added, “We’re also using the Uber app to educate riders and drivers about city curfews and remind them Uber should be used for emergency purposes only during this time.”
Why It Matters
George Floyd, a 46-year old black Minneapolis resident, died on May 25. Video footage of his killing sparked protests, which have sometimes turned violent. Last week the protests led to the evacuation of the president to an underground shelter.
Uber CEO Dara Khosrowshahi has pledged one million dollars to two justice reform groups in an expression of solidarity with the black community.
On Monday, Lyft co-founders Logan Green and John Zimmer composed a call to action saying that recent acts of injustice against black Americans have “created an inflection point in America.”
Price Action
Uber shares traded 0.21% lower at $35.61 in the after-hours session on Monday. The shares had closed the regular session 1.38% lower at $35.82.
Lyft shares traded 1.35% lower at $32.15 in the after-hours session on Monday. The shares had closed the regular session 4.25% higher at $32.59.
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