PayPal already lost $37 million on the Uber investment it just made as part of the IPO

PayPal's $500 million investment in Uber is worth just $462.7 million hours after it was made.PayPal's investment was made concurrent with Uber's IPO, which priced at $45 per share last night.In its first day of trading, Uber opened at $42 per share and ultimately closed below that at $41.64 on Friday afternoon.Visit Business Insider's homepage for more stories.PayPal privately invested $500 million into Uber concurrent with the ride-hailing company's record breaking IPO. Now four hours after the first trade, PayPal's investment is already in the red.At market's close on Friday, Uber was worth $41.64 per share, giving PaPal's lot a value of $462.7 million.PayPal lost $37 million in value in a matter of hours.Ultimately, how Uber performs over the longterm is what matters for PayPal's finances. In addition to the private placement, PayPal and Uber extended their partnership. The companies said in Uber's prospectus that they “intend to explore future commercial payment collaborations, including the development of our digital wallet.”Read more: Salesforce is quietly investing $100 million in Zoom ahead of its big IPO — here are its 5 biggest investments in public companiesBut PayPal's investment struggles highlight just how much money is at stake in Uber's IPO, which raised $8.1 billion for the cash burning company.At Uber's IPO price of $45 per share, PayPal's $500 million investment garnered the payments company around 11 million shares. But Uber's first trade was just $42 per share, making the shares less valuable right out of the gate.While there are no guarantees in an IPO, it's uncommon these days for tech companies to open below their IPO price.Uber's biggest competitor Lyft has suffered greatly on the public markets since it started trading on March 28. But even Lyft's first trade of $87.24 was far above its $72 per share IPO price.Despite PayPal's losses, some recent corporate private placements have already seen major returns.Salesforce bought $100 million in the video conference company Zoom at the time of its IPO in April. That $100 million investment is now worth almost $221 million.