May 13, 2019

Uber shares drop further as markets slide

Shares in the ride-sharing app dropped further below the $45 price they began trading at on Friday when the company made its stock market debut. Uber has begun trading as a public company just as the US and China have stepped up the level of trade tariffs. Since floating on Friday, Uber has seen $18.6bn wiped off its market valuation to $63.7bn as its share price dropped to $38.16. Analysts at Wedbush Securities said that Uber had clearly not had a "Storybook start" as "Investors continue to grapple with the valuation of the tech transportation stalwart especially in the backdrop of a risk-off vibe on the heels of heightened US-China trade tensions and market choppiness". On the wider market, US markets were hit by news that China plans to impose tariffs on $60bn of US goods from 1 June.

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