Written by Associated Press
Uber capped off a rocky first day of trading on Wall Street with its shares closing at $41.57, down almost 8% from their starting price of $45.
It’s uncommon for shares in a company with such a high profile to stumble out of the gate.
The disappointing performance reflects financial market turmoil due to trade tensions and lingering doubts about whether fast-growing ride-hailing companies will ever turn a profit.
Despite the volatile stock market, Uber CEO Dara Khosrowshahi said he did not consider postponing Uber’s IPO date.
Shares in Lyft, Uber’s chief rival, slumped to $51.09 Friday, 29% below their IPO price.