As Uber's largest shareholder in SoftBank Group had high expectations for the riding company's stock exchange stock last week. Instead, the Japanese conglomerate's shares have joined forces with Uber's demand for the disappointing initial public offering. SoftBank shares began slipping at the end of last week after Uber put its IPO price at the low end of its scheduled range. Since the beginning of trading on Friday morning, SoftBank Group shares have fallen 14.4 percent in value from 11,700 yuan (about $ 106.69) to $ 10.020 (about $ 91.37)
On paper, SoftBank Group, who became an investor in Uber in early 2018, had expected to earn a $ 3 billion profit from his debut. According to UBB's largest shareholder, the SoftBank Group owns 1
After stocks continued to fall on their second trading day, Uber CEO Dara Khosrowshahi told employees in a note that "As with all transitional periods, there are ups and downs. Obviously, our stock was not trading as well as we had hoped for. After the IPO, today is another tough day in the market, and I expect the same as our warehouse. "
All major market indices fell on Monday as China-US. Trade wars continued to escalate, with China planning to increase customs duties on US imports according to US tariffs on Chinese goods last week.