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Friday, April 12, 2019

Uber kicks off its bid to become a public company

Uber filed documents with the Securities and Exchange Commission to become a public company Thursday, in what is expected to be one of the biggest tech IPOs in history. The company is seeking a valuation of between $90 billion and $100 billion, influenced by the rocky start to rival Lyft’s initial public offering late last month. As such, Uber will sell around $10 billion worth of stock in its IPO.

The company said it lost $10 billion since 2016, underscoring the extremely precarious nature of Uber’s business model. The filing revealed Uber had 91 million users on its platforms at the end of 2018.

The company, which got its start as an app-based luxury car service in San Francisco in 2009, is now one of the most dominant transportation...

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Source:
The Verge - Tech Posts

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