Uber’s initial public offering proved a gigantic bust. On Friday, the ride sharing company took the largest financial hit of any American company, and its stock plummeted by roughly 10%. Leftist activists and the Gizmodo contingent of tech foes cheered at the ride sharing company’s dismal IPO, but for a number of independent reasons, I wouldn’t be so sure that Uber’s IPO spells a death knell for the firm.

First, as a matter of pure circumstance, Uber’s timing was bad. Trade talks with China have been frenetic at best, leaving markets on edge. The Dow Jones Industrial Average has plunged by more than 600 points in the past week, and Monday proved the worst day this year for the Nasdaq composite. All eyes were on Uber for obvious reasons, but other stocks took significant hits.