Uber's Losses Reach Double Digits in IPO Debut Debacle

Lyft shares also drop as global stock markets decline again
Investors need proof that Uber initiatives will work: analyst

Uber shares fell as much as 11% at one point after going public Friday on the NYSE. Kailey Leinz reports.Source: Bloomberg)

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By Jeran Wittenstein and Sam Unsted

May 13, 2019 at 8:21 AM UTC

Updated on

May 13, 2019 at 3:59 PM UTC

This article is for subscribers only.

Uber Technologies Inc. shares extended the free-fall on Monday following a rocky debut after launching the biggest initial public offering of the year. And the CEO doesn’t expect the situation to get much better in the near term.

The ride-hailing giant dropped as much as 11% to $37.08 in New York. The San Francisco-based company sold 180 million shares at $45 apiece on Thursday, and on Friday it never traded above that price, ending the day down 7.6% at $41.57 even as other stocks gained.