Facing technical and financial challenges, Uber Technologies Inc. was under pressure last year to bring on new leadership and investors for its autonomous-driving project. It found both in Aurora Innovation Inc.
The resulting deal between the two companies was tested by public investors for the first time Thursday, when Aurora began trading. The shares rose 15 percent when the market opened but closed Thursday's trading down 3 percent to $9.60.
Aurora listed on the Nasdaq after merging with Reinvent Technology Partners Y, a special purpose acquisition company led by LinkedIn co-founder Reid Hoffman and Zynga Inc.’s Mark Pincus. The merger valued the self-driving car developer at about $13 billion. Uber, by far the largest shareholder, has a stake worth about $3.28 billion.