Uber’s stock plunges for a second straight day

A serious man speaks at a conference.

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.

It’s a sobering moment for the ride-hailing company. 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. (The company is worth around $68 billion on a “fully diluted” basis, which counts stock options and other assets that could eventually be converted into shares.)

Monday wasn’t a good day for the broader stock market either, but the Standard & Poor’s 500 fell a comparatively modest 2.4 percent.

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Read the original at Ars Technica.