Uber Shares Tumble

Uber’s much heralded debut on the New York Stock Exchange (NYSE) began with disappointment on Friday as its shares fell below an already reduced offering price.

The taxi firm’s stock opened 7 per cent lower than planned at $42 after the opening bell on Wall Street, before beginning to climb as trading got underway.

Still, that means Uber is worth around $80bn despite never having turned a profit and warning last month that it might never do so.

Uber lost $3bn last year and $9bn since it was founded – large even by the standards of Silicon Valley tech start-ups.

Read More at The Independent

Read the rest at The Independent

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