Uber went public on Friday (10 May), but failed to live up to expectations.
The initial public offering (IPO) closed at $41.57, which was 7,6% lower than its opening price and valued the company at $76-billion.
Although the IPO has been the biggest in the tech world so far this year, it is well below the $120-billion valuation predicted by the company’s underwriters last year.
The company initially expected its shares to trade between $45 and $50, and priced them at the bottom end of the range. However, they opened at $42, below the IPO price and went down further from there.