Uber Falls More Than 7% in Rocky First Day of Trading
Uber Falls More Than 7% in Rocky First Day of Trading
(Bloomberg) -- Uber Technologies Inc. fell more than 7% in its debut as a public company Friday, closing below its opening price.
The ride-sharing giant had priced its 180 million shares at $45 each Thursday, but the market was already discounting the stock by the time trading began, opening at $42 apiece. The stock fell as much as 8.8% to $41.06 at its lows.
Uber ended the day with a market value of $69.7 billion. Peer Lyft Inc., which beat the bigger competitor to the market, slid 7.4% on Friday, leaving its value at $14.6 billion. Lyft has lost 29% since its March debut.
To contact the reporter on this story: Courtney Dentch in New York at cdentch1@bloomberg.net
To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net
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