On may 10th Uber, the world's biggest ride-hailing firm, listed on the New York Stock Exchange—and promptly tanked. As The Economist went to press it was trading at $41.29, 8% below its listing price. On the first day of trading investors lost about $65om. Some have called it the worst initial public offering (IPO) 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 (sec), America's main financial regulator.
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