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Uber’s IPO nightmare gets worse as stock tanks again

Uber’s nightmare debut as a public company continued on Monday, with the ride-hailing giant’s stock plunging more than 10 percent after a disastrous kickoff on Friday. Shares of the San Francisco-based app were recently off $4.20, or 10.1 percent, at $37.37 as jitters about an escalating China trade war got coupled with investor fears that Uber continues to lose billions of dollars a year amid fierce competition with rivals like Lyft. The selloff left Uber’s market valuation at just under $64 billion as of midday Monday — well below the $76.9 billion valuation it got at Friday’s close and only slightly better than half the $120 billion valuation Uber’s banker Morgan Stanley had been gunning for late last year. Before goin ...
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