Uber tanks to record low as its post-IPO share lockup expires - and it's now worth less than it was as a private company in 2015

• Uber's post-initial public offering lockup expiration is Wednesday, November 6.
• Shares fell as much as 8.7% in early trading Wednesday, a new record low for the company.
• Uber is now valued at its lowest since 2015, when it was a privately held company.
• Watch Uber trade live on Markets Insider.

One day after closing at a record low following disappointing third-quarter earnings, Uber's post-initial lockup expiration date is adding more pressure to the battered stock.

The lockup expires Wednesday, meaning that millions of shares held by early investors are now eligible to trade on the market.

Uber's move lower suggests traders are using the expiry as an opportunity to sell shares. In early trading Wednesday, the stock fell as much as 8.7%, to another record low of $25.58 per share.

Uber priced its May initial offering at $45 a share, valuing the company around $82.4 billion. As of its intraday low of on Wednesday, Uber was valued at $43.6 billion, meaning it's seen nearly $40 billion of market value erased since its IPO. That valuation is the lowest for the company since 2015, when it was a privately held company.

For context, in May 2015, Uber received $1 billion in a series-F funding round. That put its valuation at $51 billion, according to Pitchbook data.