Uber Technologies Inc's shares fell 12% on Monday, more than doubling their losses since the ride-hailing giant's poorly received market debut, and its chief executive officer said he expected the stock to remain under pressure in the coming months. Latest news from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Hello and welcome to Gulf News Daily Business Wrap-up.
00:05The pain continues for Uber Technology shares after a dismal market debut on Friday.
00:11Share prices of Uber Technologies fell about 12% on Monday, causing a $14 billion slump
00:17in market cap to be at about $60 billion.
00:21Remember that Uber had to lower its valuation twice in the past two months amid concerns
00:27from investors over mounting losses and Uber had to finally price its IPO at the lower
00:33end of the price range.
00:35In a memo to its employees, the CEO, the Chief Executive Officer of Uber Technologies, Dara
00:41Kosoro Sashi, has said that he didn't expect Uber to trade in such a manner post the IPO.
00:49He said that we have all the capital in the world to improve its path to profits and margins.
00:54Karim Networks, a Dubai-based company which was recently acquired by Uber for $3.1 billion,
00:59has started a bus ride service from Jeddah to the holy city of Mecca for 25 riyals.
01:07And finally, some good news for stock market investors.
01:11The MSCI will add the Saudi Tadawul Index to its MSCI Managing Market Index from May
01:2028.
01:21They will add about 30 stocks to start with.
01:24The Tadawul is up about 2% in today's trade.