Uber drops 7 percent in first public trading day

Uber drops 7 percent in first public trading day
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Uber dropped 7 percent in trading on Friday in the ride-hailing service's first day as a publicly traded company.

The corporation priced its initial public offering (IPO) at $45 per share, while ending the day with a value of $41.57 per share, Bloomberg News reported.

Shares in the company had gotten off to a rocky start, when the firm began trading Friday at $42 per share.

The company sold 180 million shares for $45 each on Thursday after estimating that its stock would be worth between $44 and $50.

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The IPO was the ninth-biggest American listing ever, Bloomberg noted, and traded under the symbol "UBER."

Uber's value of just under $70 billion is lower than projected, as bankers reportedly told the company it could be worth as much as $120 billion.

“We found a set of investors who are long-term oriented, that believe in our vision,” CEO Dara Khosrowshahi told Bloomberg in an interview. “Now we have to execute to make sure that the bet that they made on us is a great bet.”

The ride-hailing company is not currently profitable, but reported $11.3 billion in revenue last year.

Uber drivers in Los Angeles, San Diego, Chicago, Philadelphia, Washington, D.C., Atlanta and San Francisco announced earlier this week that they would go on strike Wednesday before the IPO.