Uber, the world’s biggest ride-hailing firm, listed on the New York Stock Exchange—and promptly tanked. Aswent to press it was trading at $41.29, 8% below its listing price. On the first day of trading investors lost about $650m. Some have called it the worst initial public offering ever.
But it could give a boost to fresh thinking on how fast-growing startups should go public. And even as Uber’s first shares were trading, one such innovation got the go-ahead from the Securities and Exchange Commission , America’s main financial regulator.The Long-Term Stock Exchange is based in San Francisco and backed by Silicon Valley luminaries including Marc Andreessen, Reid Hoffman and Peter Thiel. They are animated by the weaknesses of conventional exchanges when it comes to startups.
Indeed, instead of fighting the newcomer, incumbent exchanges should be rooting for it. Since a peak in 1996 the number of publicly traded companies in America has fallen by nearly half. The experience of Uber and Lyft, a smaller competitor whose share price has fallen by even more since it floated in March, will have done nothing to makeRather, it is likely to speed up efforts under way in both Silicon Valley and New York to avoids altogether.
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