WORLDVIEW: Uber IPO suggests ride hailing is a rubbish business

Uber was supposed to be the IPO of the century, but after a few brutal days on the stock market, the company was down 20% from its best-case IPO price.
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By Felicity Duncan 

Uber was supposed to be the IPO of the century. At the end of last year, talking heads were confidently predicting it would list at $48-$50 a share, with a valuation of between $90 and $100bn.

But by the time the IPO officially priced, it was down to $45 a share, for a valuation of $82bn. After a couple of brutal days on the stock market, the company was down to just under $40 a share – and that's after the stock recovered from its Tuesday low of $36.

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