Sep 27, 2017

Uber will shut down its car leasing business

Illustration: Lazaro Gamio / Axios

Uber is shutting down its car leasing business, Xchange Leasing, after reportedly hoping to sell it, the company told the Wall Street Journal. The company will look for a "less capital intensive approach," it said.

Why it matters: Debuted two years ago, Xchange Leasing has been a controversial business unit. Earlier this summer, the WSJ reported that the company knowingly leased out defective cars to drivers in Singapore, while a Bloomberg report last year explored the financial risks for drivers who rent out the cars.

  • This is one of several moves by the company to shed units that aren't financially viable. Last year, it sold its Chinese operations to local rival Didi Chuxing after sinking $2 billion in the business, and a few months ago it did the same with its operations in Russia and neighboring countries. According to the WSJ, Uber recently discovered that it was losing 18 times more money per vehicle than previously thought.

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Updated 15 mins ago - Technology

Twitter: Trump's Minnesota tweet violated rules on violence

Twitter said Friday morning that a tweet from President Trump in which he threatened shooting in response to civil unrest in Minneapolis violated the company's rules. The company said it was leaving the tweet up in the public interest.

Why it matters: The move exacerbates tensions between Twitter and Trump over the company's authority to label or limit his speech and, conversely, the president's authority to dictate rules for a private company.

Updated 29 mins ago - Politics & Policy

Trump threatens to "assume control" of Minneapolis over unrest

Flames from a nearby fire illuminate protesters standing on a barricade in front of the Third Police Precinct in Minneapolis on Thursday. Photo: Kerem Yucel/AFP via Getty Images

President Trump threatened via Twitter early Friday to send the national guard to Minneapolis following three days of massive demonstrations and unrest in the city over George Floyd, a black man who died in police custody this week.

Details: "I can’t stand back & watch this happen to a great American City, Minneapolis. A total lack of leadership. Either the very weak Radical Left Mayor, Jacob Frey, get his act together and bring the City under control, or I will send in the National Guard & get the job done right," Trump tweeted after a police station was torched by some protesters.

Updated 2 hours ago - Politics & Policy

In photos: Protests over George Floyd's death grip Minneapolis

Protesters cheer as the Third Police Precinct burns behind them on in Minneapolis on Thursday night. Photo: Stephen Maturen/Getty Images

Cheering protesters set a Minneapolis police station on fire Thursday night in the third night of unrest following the death of George Floyd, a black man who died in police custody in the city, per AP.

The state of play: Minnesota's governor on Thursday activated the state's national guard following violent outbreaks throughout the week, as the nation waits to see if the officers involved will be charged with murder.