Ola Suspends Shared Rides To Curb Coronavirus Spread

Uber shares soar after CEO says has enough cash to ride out coronavirus crisis

Mr Khosrowshahi also said that when the crisis abates, the company would consider making acquisitions.

Uber has temporarily suspended Uber Pool travel to help stop the spread of the virus. On Thursday, Khosrowshahi said that Uber has $10 billion in unrestricted cash as of the end of February. "We believe that this kind of event will lead to weaker players dropping out of the market and Uber maintaining its dominant market share coming out of the crisis", KeyBanc Capital Markets analysts wrote in a note reported by Reuters.

It was reportedly mentioned by an Uber spokesperson that they are determined when it comes to reducing or containing the spread of the Covid-19 outbreak and therefore as a safety measure they have made a decision to suspend their Uber Pool services as of right now. "As much as possible, work and do business from home", he said.

Uber has said it would turn a profit this year, a goal that Mr Khosrowshahi said the company was still aiming for.

Rivers hoped to land with Colts, could play beyond 2020
He threw 23 touchdown passes, his lowest total since 2007, and 20 interceptions, matching the second-highest total of his career. If there's nothing out there, I just don't want to hang on to play, but if nothing's out there, shoot, we'll start coaching".

Even in hard-hit cities such as Seattle, he said, "we're assuming two months of absolute lockdown and shutdown based on what we're seeing ... we're assuming that things get better because certainly Hong Kong is showing that things get better". The company announced that it will be offering delivery of critical medical supplies to individuals who need them during this time, including the elderly and those living with chronic diseases, and that it will be delivering meals to students who ordinarily get subsidized lunches through school, as well as seniors. "We are on incredibly solid financial footing", he wrote in the email, obtained by Bloomberg.

Ola and Uber now employ more than 30 lakhs drivers in India, as per industry estimates in 2019.

Uber's stock has fallen faster than the rest of the market. The company went public in May 2019. "In line with the Government advisory, we urge people to stay safe and discourage non-essential travel", an Uber spokesperson said in a statement. Of that, US$1.5 billion is committed to acquisitions that have already been signed.

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