Uber Technologies Inc's stock dropped 3% to a record low in its busiest tra...
) stock dropped 3% to a record low in its busiest trading session since the ride-hailing company’s Wall Street debut as employees and early investors on Wednesday became free to sell their shares.
The majority of Uber’s 1.7 billion outstanding shares were restricted from trading until Wednesday, a so-called lockup period intended to avoid an avalanche of sales for the newly public company that could have undermined the stock price. In its IPO filing, Uber had said about 76% of its shares held by insiders, venture capitalists and other investors faced lockup.
Early investors and employees may be reluctant to sell their shares since the stock has fallen so far.), which has invested billions in Uber to become its largest investor, in 2017 bought preferred stock at $48.77 per share and common shares at $32.97 apiece from existing shareholders, including co-founder Travis Kalanick. Uber’s common stock last traded at $27.
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