After closing down 7.6% on Friday in its trading debut, Uber’s stock dropped as much as 13% on Monday in New York, before closing down 11% at $37.10. The initial public offering was priced at $45.
While there are plenty of skeptics when it comes to the ride-hailing and ride-sharing economy, the broader market sell-off amid escalating trade tensions between U.S. and China is also weighing further on the valuation of the two companies. Uber CEO Dara Khosrowshahi told staff on Monday that it was “another tough day in the market,” and warned of a weak showing.
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