Jay Ritter

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Uber had the worst first-day dollar loss ever of any US IPO

Uber started trading on Friday in an initial public offering that valued the company at $75.5 billion. By the end of day Friday, the stock was trading down 6.7% off the $45 a share, where the company had priced on Thursday night. With a cumulative loss of $655 million, it’s the worst first-day dollar loss…

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Uber made a startling admission: It may never be profitable. The warning serves as a chilling reminder of the dotcom crash.

Uber filed to go public Thursday, publishing a 300-page prospectus for would-be investors. The document contains a startling acknowledgment: Uber says it may never be profitable. It’s not unusual, however, as firms like Lyft and Snap have issued similar warnings. More companies than ever are going public without any profits to speak of, with tech…