The price of Uber Technologies shares has collapsed to an all-time low after the end of the lockup period, which prevented investors from selling their shares after the IPO of the company.
The company's shares lost 8.7% of their value and fell to $25.58, although they recovered slightly and stabilized at around $26.94. However, this price is significantly lower than the price reached during the company's IPO, when its shares jumped to $45.
Bloomberg has reported that before the opening of yesterday's trading session, there was large number of transactions with Uber shares. For example, Goldman Sachs sold about 2 million shares at $26.9, 4% below the closing price of November 5's trading session. According to Bloomberg, Goldman Sachs had a 4.1% stake in Uber in June.
Uber's losses during the third quarter of 2019 reached $1.2B. However, the company's revenues amounted to $3.8B, which is 30% higher than the figure reached during the same period last year.
According to Uber CEO Dara Khosrowshahi, the company plans to reduce costs and make profits by 2021.
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