Uber began trading as a public company at $42 per share Friday, nearly 7% below its initial public offering price on an already volatile day for the markets. The IPO price on Thursday came in at the lower end of Uber's targeted price range of $44 to $50 per share. Even at the tamped-down price, Uber now has a market value of $82 billion — five times more than Lyft's. That sobering reality is one reason that Uber fell short of reaching the $120 billion market value that many observers believed its IPO might attain. Lyft was down 4% to $53.18 per share on Friday, hitting an all-time low since it began trading in April with an IPO price of $72.

Source: ABC News May 10, 2019 02:17 UTC