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Expand chart
Reproduced from Renaissance Capital; Table: Axios Visuals

Sentiment for Uber's initial public offering has fallen precipitously since the company announced it would go public.

Where it stands: After initially setting sights on a $120 billion valuation, the company said it raised $8.1 billion after pricing shares near the bottom an already marked-down range. The price gives the San Francisco-based company a non-diluted market value of $75.5 billion.

What happened: Part of Uber's fall from grace has been Lyft's poor performance as a public company and the stock market's dreary week, but Uber also is fighting newly woke investors worried about its penchant for losing money.

  • A survey of 50 hedge funds by investment adviser Titan found that 70% of respondents were not positive on the IPO, including 46% who were bearish.
  • The "market will need to see signs of improvement in unit economics and a path to breakeven to justify the current valuation," one respondent said.

Yes, but: Uber's IPO is still set to be among the 10 largest U.S. listings ever, and the biggest since Alibaba's $25 billion offering in 2014. The ride-hailing company sold 180 million shares for $45 each, coming in at the low end of the $44 to $50 marketing range.

Go deeper: San Francisco proposes "IPO tax" on eve of Uber offering

Go deeper

United CEO is confident people will feel safe traveling again by 2022

Axios' Joann Muller and United CEO Scott Kirby. Photo: Axios

United Airlines CEO Scott Kirby believes that people will feel safe traveling again by this time next year, depending on the pace of vaccinations and the government's ongoing response to the pandemic, he said at an Axios virtual event.

Why it matters: Misery for global aviation is likely to continue and hold back a broader economic recovery if nothing changes, especially with new restrictions on international border crossings. U.S. airlines carried about 60% fewer passengers in 2020 compared with 2019.

The risks and rewards of charging state-backed hackers

Illustration: Sarah Grillo/Axios

Last week’s stunning indictment of three North Korean hackers laid bare both the advantages and drawbacks of the U.S. government’s evolving strategy of using high-profile prosecutions to publicize hostile nation-state cyber activities.

Why it matters: Criminal charges can help the U.S. establish clear norms in a murky and rapidly changing environment, but they may not deter future bad behavior and could even invite retaliation against U.S. intelligence officials.

42 mins ago - World

Scoop: Netanyahu asked Biden to keep Trump's sanctions on International Criminal Court

ICC chief prosecutor Fatou Bensouda. Photo: Bas Czerwinski/ANP/AFP via Getty

Netanyahu asked Biden in their first phone call last week to keep sanctions imposed by the Trump administration on the International Criminal Court (ICC) in place, Israeli officials tell me.

Why it matters: Israeli officials are concerned that removing the sanctions would hamper Israel's efforts to stop a potential war crimes investigation into Israel, and that the court's prosecutor could see it as a signal that the U.S. isn't firmly opposed to that investigation.

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