Uber Technologies Inc.’s shares skidded Friday after the ride-hailing giant made its public debut.
Uber Technologies Inc.’s shares skidded Friday in their first day of trade, after the ride-hailing giant made its public debut.
Uber raised $8.1 billion in its offering at an IPO price of $45 a share. At a recent stock price of $44, the company had a market capitalization of almost $74 billion, based on the 1.677 million shares it had outstanding after completion of the offering. Uber’s IPO was the biggest IPO for a U.S.-based company since Facebook Inc. FB, -0.77% went public in 2012.
In a filing with the Securities and Exchange Commission, Uber disclosed earlier Thursday that it has reached a settlement with “a large majority” of 60,000 drivers who had entered into arbitration against Uber seeking to be classified as employees. Uber said it expects to pay up to $170 million in that settlement.
In some instances, due to the incentives that Uber offers its drivers, those drivers take home more for a given fare than Uber actually charged the customer. The company is also investing heavily in its business, which include newer efforts in freight and scooters as well as longer-term ambitions around autonomous driving.
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Uber Technologies Inc.Uber Technologies Inc. stock price, stock quotes and financial overviews from MarketWatch.
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