Why Aurora Innovation Stock Is Falling as Uber’s $479 Million Share Sale Tests the Driverless Truck Rally
Aurora Innovation shares were under fresh pressure Wednesday morning as investors kept reacting to Uber Technologies’ roughly $479 million sale of AUR stock. The reason investors care is simple: the stock’s big driverless-truck story is now running into a big-shareholder supply problem. AUR closed Tuesday at $6.16, down 1.60%, and Google Finance showed the stock at $6.01 in pre-market trading, another 2.44% lower. The hard document behind the move is Uber’s June 4 SEC filing. Neben Holdings LLC, a wholly owned Uber subsidiary, sold 67.5 million Aurora Class A shares to a financial institution on June 2 at $7.10 a share in a block sale, a large negotiated transaction that can put pressure on a stock when investors worry about supply.