Uber's Day One Flop Shows a New Silicon Valley Stock Exchange May Have a Point
- LTSE eyes market where startups feel more comfortable trading
- Uber, in contrast, is worth billions after long avoiding IPO
Photographer: Victor J. Blue/Bloomberg
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Uber Technologies Inc.’s shares dropped on their first day of trading and a U.S. regulator said it would let a new kind of stock exchange open. Both things happened Friday, and they’re arguably interconnected.
Uber is worth about $70 billion as a newly public company, but because it shunned an IPO for years, private investors got the benefit of its rise from startup to behemoth. The ride sharing company’s stock declined as much as 8.8% during its trading debut.