Ride services giant Uber Technologies Inc is set to make its long-awaited stock ...
- Ride services giant Uber Technologies Inc is set to make its long-awaited stock market debut on Friday, after its initial public offering was priced at the lower end of its expected range.
Lyft’s stock soared in the first few days of trading, but quickly turned around after investors fretted over the lack of a path to profitability for the money-losing company. The stock closed well below its IPO price on Thursday. Khosrowshahi said the $45 price was an indication of uncertainty in the economic environment. The IPO comes against the backdrop of a spike in tensions between the United States and China, which renewed fears of a global economic slowdown and hampered global markets.
As a private company, Uber has raised more than $15 billion from investors to fuel its growth and expansion into food delivery and freight hauling, with little regard for turning a profit. Uber lost $3.03 billion in 2018 from operations.
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