Nelson Chai, chief financial officer of Uber Inc., watches trading during the company’s initial public offering on the floor of the NYSE in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

Uber Drops in Trading Debut After Shares Open Below IPO Price

(Bloomberg) -- Uber Technologies Inc. fell in its trading debut after opening below its IPO price.

Shares opened at $42. Uber’s IPO priced Thursday night at $45 per share, near the bottom of a $44 to $50 offering range. The stock fell 8 percent to $41.44 at 11:57 a.m. in New York, valuing Uber at $71 billion.

This year’s largest IPO debuted Friday with global trade tensions pushing volatility to its highest levels since January. Lyft Inc., the No. 2 ride-sharing company that went public earlier this year, fell as much as 8.2% Friday in the run-up to Uber’s debut.

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