Uber plunges again — now nearly 15% below IPO price

Uber was already the biggest high-profile IPO bust in recent memory. And it only got worse on Monday.

Shares of Uber fell nearly 8% in early trading following a dismal debut Friday. The stock is now down about 15% from its initial public offering price of $45.

Uber is facing a lot of skepticism about its ability to make money anytime soon as it battles with rival Lyft for market share in the US.

Lyft, which went public in March, has been a Wall Street dud too. That stock fell 6% Monday and is now down more than 33% from its IPO price.

Uber and Lyft weren’t helped by growing trade tension between the US and China either. The broader market fell sharply Monday morning after China responded to a US increase on tariffs for Chinese exports with higher tariffs of its own on US goods.