Uber raised $8.1 billion when it went public, and its shares still fell 7.6 percent on day one. It was one of the largest American IPOs ever, and one of the most awkward. The company had turned a phone into a taxi stand in hundreds of cities. It had also lost billions of dollars a year, fought regulators everywhere, and replaced its founding CEO after a run of scandals. Investors had to decide what all of that was worth.

A Cab Shortage in Paris

Garrett Camp and Travis Kalanick founded the company in San Francisco in 2009, first as UberCab. The idea grew from a night in Paris when the two could not find a ride. The bet was that a phone with GPS could match riders and drivers faster than any dispatcher. Uber spent heavily to win city after city. In 2017 Kalanick stepped down as CEO, and Dara Khosrowshahi took over.

Below the Offer Price

Uber priced at $45 a share on May 9, 2019, at the low end of its range. It opened on the New York Stock Exchange at $42 and closed at $41.57. Under Khosrowshahi the company cut costs and leaned on Uber Eats, which grew fast during the pandemic. In 2023 Uber posted its first full year of operating profit. It still trades on the NYSE under UBER.

Cover: Omnibus, Anders Zorn. Art Institute of Chicago, public domain. Chosen for an omnibus (a shared ride through the city).