May 10, 2019

Uber shares fall on stock market debut

Uber entered a new era as a publicly listed firm on Friday, but shares fell in early trading to $42. Boss Dara Khosrowshahi was among those who rang the opening bell of the New York Stock Exchange to begin trading. On Thursday, the ride-hailing app sold 180 million shares at $45 each, raising $8.1bn of fresh cash and valuing Uber at $82bn. Since its foundation in 2009, the company has lost about $9bn. Uber had originally suggested a price range of $44-$50 for its share price listing, valuing the company at up to $120bn. Shares will now trade under the symbol UBER, after the most anticipated US debut since Facebook in May 2012. As well as the original ride-hailing business, Uber is developing driverless cars and has a food delivery operation, Uber Eats.

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