Uber shares make their debut on Friday in the technology industry's biggest initial public offering in years. Uber on Thursday priced its IPO at $45 a share, close to the bottom of its projected range following a bumpy IPO by smaller rival Lyft. The pricing values Uber at $82.4 billion. The company is raising $8.1 billion in the biggest IPO since Facebook, which debuted in 2012 valued at $104 billion. Chinese e-commerce giant Alibaba went public in 2014 with a valuation of $168 billion. Other high-profile tech IPOs in recent years, including those of Facebook, Twitter, and Snap, were priced higher than expected, but Uber faces strong headwinds. It lost $1.1 billion in the first quarter, facing strong competition and concerns about its business model.
Read more at The New York Times.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
