Tuesday, May 14, 2019
Uber's IPO sank as soon as it hit the market. Uber's CEO stated the truth about stock price in a masterful memo to employees. He didn't sugar-coat the need for company performance in order for the price to rise and recover. He didn't inveigh against the fickle nature of markets. He said clearly and cogently that the future is in the hands of the employees and the company. Their work will make the difference. Uber is still a long way from profitability and it will take prolonged efforts to turn it around. So, while employees are holding shares that are underwater, they have an incentive to help them bob to the surface. It might not help morale right away but the memo provides a clear direction for everyone from the top down.