Uber Technologies Inc fell as much as 9% to a record low on Wednesday after shar...
) fell as much as 9% to a record low on Wednesday after shares held by early investors became available for sale following the expiration of a six-month restriction related to the ride-hailing company’s initial public offering.
Much of Uber’s nearly 1.68 billion outstanding shares were under lock-up. In the IPO filing, Uber had said about 76% of its shares held by insiders, venture capitalists and other investors were under the restriction. SoftBank Group Corp , which has invested billions in Uber to become its largest investor, in 2017 bought preferred stock at $48.77 per share and common shares at $32.97 apiece from existing shareholders, including co-founder Travis Kalanick.
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