Uber, the giant ride-hailing company, has already altered our day to day mobility. Introducing the public to private ride services all through one app was enough to disrupt the entire taxi cab industry and change our transportation options.
What Uber is today is tougher to define. It’s a household name and an app in everyone’s pocket. It provides rides and delivers food. It’s a massive employer, although Uber believes its workers aren’t employees, of the people who give those rides and deliver that food. It’s dabbling in flying cars and racing to develop ones that drive themselves.
On April 26, Uber set the terms for its widely anticipated initial public offering. The company seeks a valuation of up to $91.5 billion, less than a previously rumored $120 billion target but still big enough to make Uber’s IPO the largest in the US since Chinese e-commerce giant Alibaba debuted in 2014. Uber plans to sell 180 million shares at $44 to $50 per share, raising up to $9 billion. Existing Uber investors are expected to sell another 27 million shares for as much as $1.35 billion.
As Uber prepares to list its shares on the New York Stock Exchange, under the trading symbol UBER, it’s hard to believe the ride-hail service didn’t even exist 10 years ago. Uber’s journey from scrappy startup to $90 billion company wasn’t long, in the grand scheme of things, but it beat some long odds.
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