UBER - Why Uber Stock Barreled Downhill Today
2023-03-09 17:20:26 ET
Investors really slammed the brakes on Uber (NYSE: UBER) stock Thursday. The second-to-last day of the week saw the ride-share king's share price tumble by nearly 5%, following a news media report that it's putting a piece of its business up for sale.
This afternoon, Bloomberg published an article stating that Uber is considering either a spinoff or a sale of its Uber Freight unit. Citing unnamed "people familiar with the matter," the financial news agnecy said the idea is to whittle the company down to its core competencies of ride-hailing and food delivery .
The article's sources said that Uber is discussing such possibilities with potential advisors, who also were not named. A decision likely won't be reached soon, and there's no guarantee the company will follow through with any divestment.
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Why Uber Stock Barreled Downhill Today