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Uber Technologies (NYSE: UBER), the largest ride-sharing company in the United States, disappointed investors during its initial public (IPO) offering on Friday.

Uber’s stock plunged almost 8 percent to $41.57 per share from its offering price of $45 per share. The ride-sharing company priced its stock toward the low-end of its target range of $44 to $50 per share because its competitor, Lyft struggled since its market debut.

In an interview with CNBC, Uber Chief Financial Officer Nelson Chai, said, “This was a tough day.”

When asked if they considered delaying the IPO due to the market conditions, Chai commented, "I don't think that we're smart enough to try to judge the market. ... We weren't optimizing to have the best opening price or the opening day. We're really looking for how the stock continues to trade over time and that's what we're building for."

Uber IPO is a victim of volatile market condition

Uber’s IPO is one of the most anticipated this year. However, investors became cautious because of the volatile market condition, primarily due to the current trade war between China and the United States.

Several Wall Street analysts commented that the timing of the Uber IPO was bad and noted that all major stock markets in the U.S. dropped this week.

Daniel Ives, managing director of equity research at Wedbush Securities, commented, “We believe Uber is off to a choppy trade on the heels of the Lyft train wreck out of the gates and general investor nervousness on the US and China [trade war], [and investors’ worries about risk].”

Additionally, Ives said, “Institutional investors we speak with are hesitant to buy this out of the box given what happened with Lyft and want to see it settle before accumulating significant positions, especially with the market worried about broader issues and valuations suffering with [investor risk worries] in tech across the board this week.”

Earlier this week, Warren Buffett, Chairman and CEO of Berkshire Hathaway, told CNBC that he is not buying into the Uber IPO after reviewing its business 18 months ago. He also made it clear that Berkshire never bought a new issue over the past 54 years.

Buffett explained that an investor buying a stock should be able to easily write the reason in a sheet of paper. He added that if an investor is buying into an IPO because of the hype or just wants to catch up with others getting rich, that’s not a good basis for an investment.