Uber drops $12bn in value

Uber shares fell as much as 10%, doubling losses since its poorly received Wall Street debut last week, and raising more questions about investors’ faith in its ability to make profits.

The move, which came in a wide-ranging sell-off on global financial markets spurred by more US-China trade tensions, led to shares trading lower at $37.17, valuing the company at about $12bn (€10.7bn) less than Friday’s debut price of $45.