Uber Stock Tumbles After IPO, Leading to Disappointing First Day as Public Company by Entrepreneur

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Uber raised over $8 billion in its first day as a publicly traded company and still managed to fall short of expectations. The company opened its first day of trading with an initial public offering price of $45, but finished the day at $41.52 — down 7.7 percent. According to The New York Times, "Since 2000, only 18 companies valued at more than $1 billion and listing on American exchanges have opened below their I.P.O. price."

It’s been a tough month for ride-sharing apps, given how Lyft announced losses of over $1 billion in its first quarter as a publicly traded company just days before.

 
LYFT Quotes by TradingView

Many of the other major players in the tech industry also had moderate losses on the day. Amazon shares fell by 9.89 points (-0.52 percent on the day), Facebook fell by 0.18 points (-0.10 percent) and Netflix fell by 1.94 points (-0.53 percent). The Entrepreneur Index™ was also down -0.10 percent on the day.

Meanwhile, the Dow index and S&P 500 rose 0.44 percent and 0.37 percent, respectively. Some of the standouts included Tyson Foods, which was up 1.87 points per share (+2.4 percent); Walmart, up 2.41 points (+2.42 percent) and Costco, up 3.43 points (+1.41 percent).

Related: Uber Is Going Public at a $75.5 Billion Valuation. Here’s How That Stacks Up.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.

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May 10, 2019 at 04:42PM
https://www.entrepreneur.com/article/333604
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