Pony AI Inc. (NASDAQ:PONY) is one of the 10 Stocks Crash Hard on a Roaring Monday.
Pony AI dropped its share prices by 3.37 percent on Monday to close at $13.20 apiece as investors were in a wait-and-see mode for any updates on Uber Technologies Inc.’s (NYSE:UBER) planned acquisition of the Chinese robotaxi firm’s US subsidiary.
Last week, reports surged that Uber’s founder, Travis Kalanick, was eyeing to acquire Pony AI Inc.’s (NASDAQ:PONY) US arm, and that the ride-hailing giant has expressed its support to fund the acquisition.
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Pony AI Inc. (NASDAQ:PONY) has been mulling over spinning off or selling its US arm since 2022, even going as far as creating a copy of its software.
The buyout bid followed Pony AI Inc. (NASDAQ:PONY) and Uber Technologies Inc.’s (NYSE:UBER) partnership of expanding the former’s international market presence, kicking off with key markets in the Middle East.
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Disclosure: None. This article is originally published at Insider Monkey.
