Tuesday, July 23, 2019
 
Columnist
Martin Hennecke

Uber dives 18pc in two days
 
15/05/2019
 
Uber Technologies's shares fell 18 percent for its first two trading days in the US market and its chief executive officer expected the stock to remain under pressure in the coming months.

The ride-hailing giant's stock closed at US$37.1 (HK$289.4) on Monday, valuing the company at about US$14 billion less than the initial public offering price of US$45. The fall in shares comes against the backdrop of a global stock market selloff sparked by renewed trade tensions between the United States and China.

Uber's stock "did not trade as well as we had hoped post-IPO", chief executive Dara Khosrowshahi said. "Sentiment does not change overnight, and I expect some tough public market times over the coming months," Khosrowshahi added.

Uber's market capitalization has fallen to about US$61 billion since its IPO on Thursday.

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