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May 14, 2019 -- Uber’s shares fell more than 17% below their initial public offering (IPO) price of $45 on Monday, closing on Wall Street at $37.10.
Shares in Uber slumped again on Monday, on only their second day of trading since Friday’s disappointing IPO.
After setting a stock market debut price of $45 when it floated on May 10, Uber’s shares closed that day at $41.51, and then continued their downward spiral when trading restarted on Monday – tumbling more than 10% to $37.10.
Uber’s stock market value has fallen below $63bn, half the $120bn that its investment bankers said it could be worth last year.
The slump comes on top of escalating trade tensions between the U.S. and China (which is making Wall Street look a little fragile) and general market scepticism towards the ride-hailing and ride-sharing economy as a whole.