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BBC News, Washington
Uber only made its stock market debut on Friday, with shares priced at $45 each.
Since then shares have tumbled, down to $38.50 today, a fall of 14%.
Uber chief executive Dara Khosrowshahi wrote Uber employees an impassioned letter on the eve of the ride-sharing firm's debut on the New York stock exchange. Here's the last part of what he wrote:
"Remember: while the public markets will keep their version of the “score” and the value of what we build, our true north will be determined over the long term. We will go through periods when we will be misunderstood, as well as periods when we will be hailed as heroes. It’s during those days, regardless of the ups and downs, that we should focus on our work: on creating opportunity, on moving the world, and relentlessly innovating and executing.The stakes just got higher. Our world just got a bit bigger. Our stakeholders just expanded. I’ve never been more confident in this team’s ability to shape the future, and I can’t wait to see what you build next."Bloomberg has the letter in full.
Uber's shared started trading on Friday three dollars below the IPO price.
Jordan Hiscott, Chief Trader at Ayondo markets says: "This clearly shows the high risk nature of short-term investing in an IPO".
The days you could be sure of making a fast buck that way are "long gone" he says.
Plus this IPO "felt a bit rushed", amid market conditions that aren't ideal, he says.
“Perhaps there was a reasoning that given the potential headwinds later in the year, now was as good of a time as any.”
It's confirmed, Uber has opened 6.7% lower in its first trade
Shares debuted at $42 and are now just a fraction higher.
Its initial public offering on Thursday was priced at $45, at the lower end of its $44 to $50 per share target range.
Uber's business plan "may be the most ambitious and risky plan since Icarus wanted a better look at the sun", the BBC's business editor, Simon Jack, writes in his blog.
Uber shares are about to start trading in New York for the first time, so we'll see very soon if investors like the planetary scale of the firm's vision or share some scepticism about a firm that has no current plans to turn a profit but plans to revolutionise and dominate global transportation, from food delivery to international freight.