SoftBank managed to muster enough opposition to Neumann in a meeting of We Company's seven-member board on Tuesday to convince him to step down.

Since 2000, only 18 companies that are valued at over $1 billion opened below their IPO price on the American exchanges

Uber was the biggest of a group of Silicon Valley startups that have spent years raising money in private rounds at record prices

The world's largest ride-hailing service reached a major milestone when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading

Investment bankers had previously told Uber it could be worth as much as $120 billion. Uber would be the largest initial public offering since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion

But broader economic conditions and sustained losses could push Uber to merge with rivals in India and the Middle East, particularly as Uber and India-based Ola share an investor in SoftBank Group Corp.

The company says the new shared ride option allows you to join other users with similar routes on the same trip and share the cost of the trip.

The app is first being piloted in Indian markets; and if successful, it might be rolled out to international markets. The minimal version of the app saves space, is compatible with all major carriers, and works on even the most basic mobile devices.

Wednesday was a historic day for Uber Technologies Inc, the ride-hailing giant: At long last it was able to declare a quarterly profit.

According to Bloomberg, Uber Technologies Inc. is planning to deliver food by drone in San Diego, USA, as part of a wide-reaching commercial test program approved by the federal government on Wednesday.