Uber tumbles 9% in rocky stock market debut - Metro US

Uber tumbles 9% in rocky stock market debut

By Joshua Franklin

By Joshua Franklin

NEW YORK (Reuters) – Uber Technologies Inc’s stock on Friday opened down 6.7 percent in its first trade on the New York Stock Exchange, in the most high-profile U.S. market debut since Facebook Inc seven years ago.

It was a landmark moment for the decade-old company, which was started after its founders struggled to find a cab on a snowy night and has grown into the world’s largest ride-hailing company.

Uber shares debuted at $42. Its initial public offering on Thursday was priced at $45, at the lower end of its $44 to $50 per share target range.

(Reporting by Joshua Franklin in New York; Editing by Matthew Lewis and Bill Rigby)

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