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Nu Holdings slid over 8% in morning trading,with its market value falling below $50 billion.On December 9th, EST, Nubank, a Latin American digital banking giant, landed on the New York Stock Exchange, with an issue price of US $9 and a surge of 36% at the opening. According to the market value of US $47.6 billion after hours, Nubank is already the largest listed bank in Latin America.

The company said it had a $99 million loss on revenue of $1.06 billion for the nine-month period ended Sept. 30. Interest income accounted for $607 million of that revenue, with fees and commissions making up the remainder.

Nubank warned investors to brace for “short-term profit implications” from the firm’s expansion push.

Chief Executive Officer David Velez will own a stake in the company worth about $8.9 billion at the IPO price. His co-founder, Cristina Junqueira, has a stake worth $1.1 billion.