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Uber starts trading at $42 a share, 6.7% below IPO price

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Uber starts trading at $42 a share, 6.7% below IPO price
Traders gather at post where Uber Technologies Inc. holds it's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly   -   Copyright  ANDREW KELLY(Reuters)
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By Joshua Franklin

NEWYORK (Reuters) – Uber Technologies Inc’s stock on Friday opened down 6.7 percent in its first trade on the New York Stock Exchange, in the most high-profile U.S. market debut since Facebook Inc seven years ago.

It was a landmark moment for the decade-old company, which was started after its founders struggled to find a cab on a snowy night and has grown into the world’s largest ride-hailing company.

Uber shares debuted at $42. Its initial public offering on Thursday was priced at $45, at the lower end of its $44 to $50 per share target range.

(Reporting by Joshua Franklin in New York; Editing by Matthew Lewis and Bill Rigby)

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