Posted on 05/10/2019 9:08:26 AM PDT by C19fan
Uber (UBER) officially began trading Friday on the New York Stock Exchange, but stumbled out of the gate as its stock dropped below its $45 initial public offering price.
In Uber’s first test of whether it can transition from Silicon Valley unicorn to a publicly traded company while winning over a skeptical, volatile market, the stock — which priced at $45 on Thursday — gradually drifted lower from the $46-$48 indicated range earlier in the morning.
In its first trade, Uber opened at $42 per share on the New York Stock Exchange (NYSE), effectively crashing out of the preferred range that it listed for its IPO of between $44 to $50.
In an interview with Yahoo Finance, NYSE COO John Tuttle said the first trade would be determined by a list of factors.
(Excerpt) Read more at finance.yahoo.com ...
The good news is that they track all driver expenses including miles when driving passengers....all tax deductable at 53.5 cents a mile
last year I drove 28,000 miles with passengers...so got a $14,980 tax deduction....as well as some miscellaneous fees,
ooops....
good point
(solution: make all of them ubber drivers?)
just kidding
It almost seems analogous to the kids that deliver pizzas in their own vehicles.
No one has ever explained the economics of the price per mile cost of driving an automobile to these people.
It’s good you got that tax deduction. Of course those are legitimate business expenses. If your take home pay was good, then it’s all good.
40% is ridiculous just to provide an app. I understand they don't let drivers know the end destination either, so drive may be forced to take a passenger into a dangerous or unsavory neighborhood at risk of life, limb and car. My sister (retired) does this for spare change. But she lives in Texas where it is legal to pack.
We will see how the stock performs. The market will tell us what investors think of Uber and its future prospects.
What assets does uber have worth that kind of money?
T
Most drivers would rather be working for Lyft.
Uber is losing 750 Million+ every 3 months or more... and the only path to profitability are autonomous vehicles, which no matter what the snake oil salesmen tell you are at least 15-20 years AWAY....
So, UBER is going to lose, at lest 3-4 Billion a year for 15-20 years or more... So that’s a loss of $45 BILLION to $80 BILLION at LEAST before it ever has any shot at profitability.
In the mean time, their losses will not remain static, as regulators will start to require UBER to start behaving like public transportation companies, rather than the wild west behavior they have engaged in to date, and every one of these regs they will not have to follow will burn more capital...
UBER’s basically proof you can sell anything for a loss.
When they have AI drivers they will then have to buy and maintain all the vehicles, something the human drivers for them now at no cost to Uber
Uber the new take on the Business of Slavery
No reason to believe Uber would do better.
I wonder if this will be a Sirius - XM thing, with a merger in the offing.
Since I don’t drive; I personally love both Uber and Lyft. I used to use Uber exclusively but ever since last Sunday; I have not been able to use my usual payment option. Now i use Lyft.
They’ll need an AI drivers Union ,LOL
$37.10 today
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