Uber starts trading 6.7% down from IPO price amid sorrow mise-en-scène


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Uber starts trading 6.7% down from IPO price amid sorrow mise-en-scène

On Friday, the 10th of May 2019, the share of Uber Technologies had opened the market 6.7 percent lower at its first trading day in the New York Stock Exchange, after being valued at $82 billion yesterday (May 9th) at its long-anticipated Initial Public Offering.

The public listing of Uber Technologies, the ride-hailing pioneer and one of the most cherished tech tycoons on the Silicon Valley despite its years of loss-making efforts, had been the most high-profile IPO since Facebook Inc.’s seven years back.

Nevertheless, despite sheer optimism, the shares of Uber Technologies had winded down the 7.62 percent lower of its IPO price at $41.47, after receiving a slight bullish boost during the midday trading hours following a consolation speech from US Treasury’s Mnuchin after failing to seal a trade deal with China.

Although the magical moment of going public could have been a landmark milestone for the decade-old ride-hailing giant, further losses appeared to be on the card, as its US rival, Lyft had hit a record-low on Friday (May 10th) and closed the day down by 7.41 percent to $51.09 per share after being priced at $72 per share in its initial public offering about couple of weeks earlier, indicating a moderation of market sentiment for the loss-making ride-hailing ventures.