On July 7, Uber Technologies declined 3.37% in regular trading, trading around $71.87 per share, with turnover of approximately $7.94 billion. The selloff was triggered by reports that the company has paused most of its planned food delivery expansion across Europe.

According to reports, Uber has shelved planned launches in five of the seven countries it had targeted for entry this year, including Austria, Norway, and Greece. The adjustment comes just five months after Uber announced plans to add $1 billion in gross bookings across new European markets over three years. The company stated the pause is intended to ease potential EU antitrust scrutiny related to its pursuit of Delivery Hero, though its earlier €10 billion acquisition offer was rejected in May.

Adding to the negative sentiment, Wells Fargo lowered its price target on Uber from $102 to $100, while maintaining a buy-equivalent rating. The analyst consensus mean target stands at $105.25. Earlier in June, Uber was also reported to be exploring sales of Delivery Hero assets in overlapping regions across Latin America, Asia, and Europe to facilitate regulatory approval for the potential takeover.

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