Investors were cooled on Uber, sending the shares below the taxi-hailing app’s launch price. Uber began trading Friday on the New York Stock Exchange at $42 per share, which was below its IPO price of $45. The stock was down about 1% by the afternoon Friday.
Uber’s valuation comes in at $75.46 billion. When word first got out that Uber was getting set to go public, their valuation was reportedly $120 billion. Uber’s debut comes after Lyft fell flat when it hit the U.S. public market. Lyft’s stock was down more than 3% on Friday.