Uber shares fell to an all-time low on Wednesday. This is as the stock lock-up period ends. The lock-up period is 180 days after the company's IPO. This means that everybody is free to sell shares. This is happening after Uber released its 3rd quarter earnings report on Monday. The company continues to report big losses.
A lock-up period, also known as a lock in, lock out, or locked up period, is a predetermined amount of time following an initial public offering where large shareholders, such as company executives and investors representing considerable ownership, are restricted from selling their shares.
Uber shares hit a low of $27.97 on Tuesday. On Wednesday, they hit a low of $25.58. The IPO price of this stock was $45.
The future likely will have lots more selling of shares. Uber stock future looks dark. Uber is struggling to create confident investors. The history of losses is troubling. It is unclear if Uber Eats can be profitable. The company has had significant layoffs since its IPO.
Uber workers aren't guaranteed the same rights as employees, such as a minimum wage, overtime, workers' compensation, unemployment insurance, paid sick leave or on-the-job expenses. Protesters are asking for their jobs to improve.