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Uber Shares Drop Another 11%
Shares in ride-hailing service Uber Technologies Inc. shrank another 11% on Monday, their second day of public trading.
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Shares in ride-hailing service Uber Technologies Inc. shrank another 11% on Monday, their second day of public trading.
Uber began trading on Friday at $45 but closed on Monday at $37.10. The slump erased $20 billion in Uber’s market value, dropping it to about $68 billion.
Uber wasn’t alone. Lyft Inc., Uber’s largest rival in the U.S., saw its stock price slide 8% on Monday. Lyft’s shares have lost one-third of their value since the company’s initial public offering on March 29.
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