Uber makes rocky stock market debut

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Uber makes rocky stock market debut
Uber makes rocky stock market debut

Transportation network company Uber has had a rocky start with its New York Stock Exchange debut, with shares sinking almost 9%.

Uber opened at its IPO price of $45 per share, with the stock closing at $41.57.

It sold 180 million shares on Thursday,raising $8.1 bn, giving it a value of $82.4 bn before the stock dropped, the BBC reports.

Since its inception in 2009, the company has lost $8 billion.

CEO Mr. Khosrowshahi told The New York Times: “I think we came public on a tough day, and a tough week. But this is an incredibly resilient company.”

Source: Business News