Uber stumbles in trading debut, down 4%
Uber began trading on the New York Stock Exchange Friday at $42 per share, below its IPO price of $45. The stock was down more than 2% toward the start of trading.
Uber's Chief Financial Officer Nelson Chai said"this was a tough day" on the market in an interview on CNBC after the stock began trading. Asked about whether executives considered delaying the IPO as a result of the conditions, Chai said,"I don't think that we're smart enough to try to judge the market ... We weren't optimizing to have the best opening price or the opening day.
But analysts saw a promising path to profitability in Lyft's first quarterly earnings report after the company showed strong growth in active ridership and revenue per active rider. Executives said on the earnings call Tuesday the ride-hailing market overall is beginning to become more rational, limiting the need for driver incentives.
Khosrowshahi will be personally incentivized to keep up the value of the stock. If Khosrowshahi can keep Uber's valuation above $120 billion for 90 consecutive days once it goes public, Khosrowshahi will win net stock bonuses topping $100 billion.
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