Emil Michael spoke to CNBC about the disappointing performance of Uber stock, which closed nearly 8% down from an IPO price that was already cautious.
Emil Michael, Uber's former senior vice-president of business, appears on CNBC to discuss the company's first day of trading, in which its stock price fell 7.62%.Uber's first day of trading was not a rousing success, with stock slumping almost 8% from its IPO price.this happened because investors do not properly understand how valuable the company is.
Uber CEO Dara Khosrowshahi said that it will take more than one day to judge Uber, and said factors like the trade war with China had dented performance.A former Uber executive trying to explain the company's lackluster performance on its first day of market trading blamed the slump on investors who"don't understand the Uber story."
"And what they're missing is the autonomous technology division, which was just valued at $7.5 billion dollars two weeks ago, with a billion-dollar cash infusion, the equity stakes it has in the other ride-sharing companies around the world... as that comes out I think you'll see some recovery."
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