Uber is joining the S&P 500. Here’s what that means
CNN
Shares of ride-hailing app Uber reached a new 52-week high last week as the San Francisco-based firm prepares to make its S&P 500 debut in Monday trading.
Shares of ride-hailing app Uber reached a new 52-week high last week as the San Francisco-based firm prepares to make its S&P 500 debut in Monday trading. “Super proud of the Uber team for S&P 500 inclusion,” wrote CEO Dara Khosrowshahi on X. “Great way to head into the weekend and get back to building on Monday! The addition isn’t a huge surprise. The company is worth about $127 billion, making it the largest US company not currently in the index. It’s been a good year for both Khosrowshahi and Uber. The company has had regulatory wins in both the US and UK, has reported strong quarterly earnings and record ridership and its stock is up more than 150% so far in 2023 Not all that long ago the company was treading on thin ice. Its leadership was under fire and cities and taxi unions were fighting to block its services. The company was unprofitable and its stock fell by about 52% in 2022. Uber’s addition to the S&P 500, which rebalances quarterly, is a significant achievement for the ride-sharing giant. A company has to fulfill various criteria to be added to the index (which is tracked by funds worth trillions of dollars), highlighting Uber’s expanding influence and market stability and cementing its status as a major player in the market.
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