November was a bad month for Uber. London declined to renew its license. Seattle approved new fees on rides and a to-be-determined minimum wage for drivers. Chicago passed a congestion tax on ride-hail services that adds as much as $3 to private rides during peak hours. New Jersey hit the company with a $640 million bill for misclassifying drivers as independent contractors.
Uber’s share price slipped by 6% in November, to $29.60. Even equity analysts, a famously optimistic bunch, have lost faith in Uber and lowered their price targets to an average of around its $45 IPO price, a mark Uber has closed above only twice since it went public in May.