Uber's much-anticipated IPO happened this morning, with shares hitting the New York Stock Exchange under the symbol UBER. The IPO raised $8.1 billion, with shares set at $45 and the company valued at $82.4 billion. This comes amid outcry over Uber's low driver wages and a $1.1 billion profit loss in the first three months of 2019. According to The New York Times, the IPO was "less lofty" than expected.
Yesterday, just ahead of the IPO, Uber and Lyft drivers across the country went on strike over labor conditions and poor pay. It's unclear how the IPO might affect drivers, but Uber said in a statement drivers were "at the heart of our service" and vowed to "continue working" on improving the experience.
In a letter to employees, Uber's Chief Executive Officer Dara Khosrowshahi warned that as the company transitions from private to public "all eyes will be on us" and that it will undoubtedly face more scrutiny. Since Lyft's public offering at the end of March, the company's stock prices have dropped nearly 30 percent. That may not bode well for Uber, especially given the company's recent lackluster earnings.