On Monday afternoon Uber’s shares fell by 10% on their second day of trading after a disappointing $82.4bn initial public offering (IPO) on Friday.
Stock dropped by more than 17% to $37.22 way below Friday’s IPO price of $45 per share.
The company raised another $8.1bn to help cover the costs of their unprofitable prices and to try and fend of rival Lyft in the US.
Lukman Otunuga, FXTM research analyst said, “Uber shares have stumbled into the trading week, struggling to shake off the hangover from the company’s rough and rocky debut on the New York Stock Exchange last Friday.
“Its shares closed down nearly eight per cent last week thanks to investor scepticism over the company’s unprofitability and general lack of risk appetite amid escalating US-China trade tensions.
“The launch of Uber on the stock market was one of the most highly anticipated additions since Facebook shares many years ago, but it is a surprise to see how unsuccessful the launch has been given the widespread popularity of the Uber brand globally.”