Uber's IPO Joins Ranks of Wall Street Flops
- Ride-hailing stock kept falling as U.S. markets rebounded
- Last private funding round valued Uber at about $76 billion
Pedestrians pass in front of the New York Stock Exchange during Uber Inc.'s IPO in New York on May 10.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
It was to usher in nothing less than a new era for Wall Street. UFAANG.
That ungainly acronym, envisioned by some at Morgan Stanley as the hype grew over Uber Technologies Inc., put the ride-hailing company in the same league as the titans of tech: Facebook, Amazon, Apple, Netflix and Google.