[NEW YORK] Here's the number you've been waiting for. The first reading of how much is being bet against Uber Technologies' stock is out and it's just shy of a billion dollars.
Uber short interest totals US$768 million with borrow rates around 3 per cent to 5 per cent, according to data provided by financial analytics firm S3 Partners. That represents about 11.51 per cent of the float or 21.71 million shares in total.
For comparison, about 62 per cent of the float of ride-hailing competitor Lyft is currently shorted at an offer of 14 per cent. Lyft has lost 30 per cent since its debut in March.
Uber is having its first positive day since trading began on Friday, when the stock fell 7.6 per cent. Shares gained as much as 3.9 per cent Tuesday to US$38.55 each, but remained below the initial public offering price of US$45.