Uber chief executive laments U.S. trade policy for lackluster IPO

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Uber chief executive laments U.S. trade policy for lackluster IPO
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Uber Technologies Chief Executive Dara Khosrowshahi said on Tuesday the company&...

WASHINGTON/NEW YORK - Uber Technologies Chief Executive Dara Khosrowshahi said on Tuesday the company’s initial public offering last month was hurt by U.S. trade tensions even as he downplayed recent volatility in the stock price.

Uber priced shares in its IPO toward the bottom of its target range at $45 and the stock ended its first day of trading on May 10 down 7.6% at $41.57, even as the S&P 500 reversed losses to end in positive territory. Employees “have a six-month lockup so nobody in the company cares anyway what the stock prices is now - it’s a bunch of traders,” said Khosrowshahi. “It doesn’t really affect us... We work on building a great enterprise - the market will take care of itself,” he added.

Khosrowshahi also has the option to buy potentially hundreds of thousands of shares in the ride-hailing firm at a price well below where the company went public, according to a regulatory filing for Uber’s IPO. Uber first granted the options on Sept. 5, 2017 with an exercise price of $41.65 per share but this was changed on May 8, 2018, according to the filing. The details were reported earlier on Tuesday by The Information.

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