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Uber had an abysmal second day of trading

It’s not see huge for ride-hailing giant Uber( NYSE: UBER ). Today, Uber shut its second day of trading down more than 18.8% from its IPO price at $37.25 per share, with a market cap of $62.2 billion.

Uber, which was previously valued at $72 billion by venture capitalists on the private grocery, priced its inventory at $45 a share for an $ 82.4 billion valuation last week. On day one, Uber shut at $41.57 a share.

In a memo to be achieved by CNBC, Uber CEO Dara Khosrowshahi told employees today that,” like all periods of transition, there are ups and downs. Undoubtedly, our asset did not trade as well as we had hoped post-IPO. Today is another tough period in the market, and I reckon the same as it relates to our asset .”

Moving forward, Khosrowshahi recommended employees to focus on the long-term. He also pointed to the comebacks both Facebook and Amazon manufactured post-IPO.

Lyft has similarly accepted on the public market since its IPO in March. Lyft shut the working day at $48.15, with a market cap of $13.8 billion.

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About the author, Gregg Kell

Entrepreneur, Business Success Partner and Shaping The Future Podcast Host.

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