“Like all periods of transition, there are ups and downs,” Dara Khosrowshahi, Uber’s chief executive, told his employees on Monday as they watched the company’s shares tank for a second consecutive session after Friday’s debut (James Dean writes).
The shares “did not trade as well as we had hoped”, Mr Khosrowshahi, 49, said. When market sentiment is negative “the pessimistic voices get louder and the optimistic voices pull back. Sentiment does not change overnight, and I expect some tough public market times over the coming months.”
Uber raised $8.1 billion from its initial public offering, selling 180 million shares at $45 apiece. They opened at $42 on their first day of trading and were 43 cents lower by the close. On Monday they fell by