Flood of trades sends Uber to record low as insiders allowed to sell - Reuters

Flood of trades sends Uber to record low as insiders allowed to sell - Reuters:

Uber Technologies Inc’s (UBER.N) stock dropped 3% to a record low in its busiest trading session since the ride-hailing company’s Wall Street debut as employees and early investors on Wednesday became free to sell their shares.

Over 110 million shares, worth around $3 billion, had been traded at mid-day, second only to the 186 million shares exchanged in Uber’s first session on the stock market on May 10.

The majority of Uber’s 1.7 billion outstanding shares were restricted from trading until Wednesday, a so-called lockup period intended to avoid an avalanche of sales for the newly public company that could have undermined the stock price.