Uber CEO unflapped by share losses

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The ride-hailing giant, which went public on Friday, six weeks after its rival Lyft, sputtered to a 7.6% loss in its stock market debut, wiping out $655 billion of investor wealth.

Uber shares plunged by almost 7% early Monday after Friday's initial public offering cost investors billions.

Lyft's falling stock this week put pressure on Uber as it finalized the price of the most anticipated IPO since Facebook's debut in 2012.

"Until this fight is settled, there is very little reason to invest in either company as while they slug it out rock bottom prices and incentives for drivers will continue to plague profitability".

"Sentiment does not change overnight, and I expect some tough public market times over the coming months", he said in the email.

Uber's market capitalisation has fallen to about $61 billion since its IPO on Thursday, still larger than Wall Street heavyweights including General Motors and FedEx.

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Thousands of Uber and Lyft drivers turned off their apps in a US-wide strike last week over pay and working conditions.

The markets all seem to be nervous when it comes to the ongoing talks between the world's economic superpowers. That stock fell 6% Monday and is now down more than 33% from its IPO price.

Investors have struggled to figure out how much Uber and Lyft are worth, given both companies have not estimated a timeline for turning a profit. The ability to swap back and forth as a customer is great, but it can be problematic when talking about drivers.

Uber's earliest investors are still making money off the IPO, but "for late-round investors, it's possible by the time they exit they will end up with a loss", said Jay Ritter, finance professor at the University of South Florida.

Finally, and perhaps most importantly, is the $1 billion first quarter loss Uber's primary competitor, Lyft, posted in the first quarter. Lyft had slumped as last week came to a close after its first set of results disappointed the market.

The company raised about $6.8 billion by selling almost 140 million shares between December 2015 and February 2017 at a price of $48.77 a share, including a sale of about 71.8 million shares to Saudi Arabia's Public Investment Fund.

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