👉 Background: Uber is the ride-sharing platform that started back in 2008 in the US and launched in Australia back in 2012. Since then Aussies have taken more than 700 million Uber rides.

👉 What happened: Uber has built a reputation for skirting around rules and regulation of countries. And now, Uber has been slapped with a $21 million fine by the Federal Court for misleading millions of Australians.

👉 What else: In the case brought by the ACCC, Uber admitted to misrepresenting its cancellation fees and also acknowledged that its 'estimated fares' for UberTaxi's were wrong 89% of the time. And although it’s a pretty chunky fine, these reprimands have become second-nature for Uber.

What's the key learning?

💡Tech companies that seek to disrupt traditional markets often face challenges that can lead to regulatory trouble and financial trouble.

💡Uber is no different - it has been threatened with bans, fines and near extinction at multiple turns in its evolution.

• In 2016 and 2017, Uber was hit with a fine in the Netherlands and Francefor operating without a license
• In 2018, Uber faced a $148 million fine in the United States for failing to disclose a data breach

💡But despite facing significant penalties, Uber has continued to operate and expand its services into new countries. So for Uber, these fines have become a cost of doing business rather than a deterrent to future violations.

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