Uber Slips Below $70 Billion Value, Marring a Big Year for IPOs
- Ride-hailing stock kept falling as U.S. markets rebounded
- Last private funding round valued Uber at about $76 billion
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After the biggest initial public offering of the year, Uber Technologies Inc. ended its first day of trading Friday below its last private valuation. The deflated debut cast a pall over 2019’s prospects as the hottest year for tech listings this decade -- and potentially on the future of the ride-hailing industry.
It took more than two hours for the stock to finally start trading after Uber executives and drivers congregated at the New York Stock Exchange for the bell-ringing ceremony. The shares debuted at $42, well below the IPO price of $45. A tense wait for those gathered on the trading floor turned into a jittery start for the newly public company, which touched its intraday high and low prices within the first hour of opening.