One month after banking $8.1 billion from a Wall Street IPO, Uber has raised the price of a simple bike ride on its JUMP e-cycles by 67 percent.
A 20-minute JUMP ride in Denver now costs $5, compared to $3 a week ago. The company’s per-minute prices have gone up to 25¢ in Denver, from just 15¢ per minute, according to Stephanie Sedlak, a spokesperson for Uber, JUMP’s parent company. In Los Angeles, JUMP prices are set to go up to 30¢ per mile tomorrow.
“We’re updating our pricing to better balance supply with demand,” said Sedlak in an email.