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Uber CEO Dara Khosrowshahi
- Shares of Uber>$4 traded as much as 3.7% lower on Friday, sending the company's market value sliding below General Motor's for the first time since its initial public offering.
- The ride-hailing giant's market value sat at $52.3 billion on Friday afternoon, compared to General Motor's $53.1 billion.
- Uber's stock has fallen more than 26% since the company went public in May at $45 a share.
- $4.
$4's market value has fallen below that of $4 for the first time since the company's initial public offering earlier this year.
General Motor's market value stood at $53.1 billion on Friday afternoon, while Uber's fell to $52.3 billion. Shares of the ride-hailing giant traded as much as 3.7% lower, adding to the stock's downward spiral since it went public at $45 a share in May.
Uber's stock has shed more than 31% of its value since its public market debut. Investors and Wall Street analysts have continued to express concerns over the company's path to profitability and mounting losses.
The company said it $4 during the second quarter of 2019, its largest quarterly loss to date. The news sent $4. Ride-hailing competitor $4 has also struggled in the public markets this year with its stock tumbling more than 42% since its IPO.
While GM's market value is now hovering above Uber's, the car manufacturer hasn't been without its own challenges. GM's stock $4 after the United Auto Workers union launched its first strike against the company in 12 years.
Shares of $4 are still up more than 11% year-to-date.
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