Uber’s stock plunges for a second straight day
Found on Ars Technica on Tuesday, 14 May 2019
Uber's stock fell 7.6 percent on Friday, its first day as a publicly traded firm. The bloodbath continued on Monday, with Uber's stock price falling by an additional 10.7 percent.
As recently as last October, some Wall Street banks were estimating that the company could be valued as high as $120 billion. At Monday's closing price of $37.10, Uber is worth barely half that, at $62 billion.
Uber has never made an annual profit, and in recent quarters, the company has been losing more than $1 billion per quarter.
Just lean back and enjoy the show. Stock market "experts" are wrong; by a factor of two even. Hopefully it will keep on falling and teach those experts a lesson. On the other hand, those locusts will just move on to their next target and swindle more money out of investors.