Uber is expected to launch its initial public offering on Friday giving it an estimated valuation of some $80-billion, one of the biggest tech listings in recent years but rather lower than its earlier hopes of around $100-billion.
Thousands of Uber and Lyft drivers turned off their apps in a US-wide strike on Wednesday over pay and working conditions, casting a shadow over this week’s keenly anticipated Wall Street debut of ride-hailing leader Uber.
It will also come in the rear-view mirror of a troubled market debut for Uber’s largest US rival Lyft, which has lost more than 15% of its value since its March IPO. Similar actions took place in Boston, Chicago, Los Angeles, San Diego, Washington and in Uber’s home town, San Francisco. “In particular, as we aim to reduce driver incentives to improve our financial performance, we expect driver dissatisfaction will generally increase.”Lyft’s losses in the past quarter widened to $1.1 billion, according to its first financial report as a public company.
The ride-hailing firm said in a securities filing it would sell 207 million shares in a range of $44 to $50 dollars. According to a source close to the matter, Uber hopes to price its shares in the middle of that range and raise about $8 billion in fresh funding. Uber is “paving a similar road” to what Amazon did to e-commerce and Facebook did for social media, he contended, expressing confidence in the company.Uber envisions becoming the “Amazon of transportation” in a future where people share instead of owning vehicles.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Like Uber, but for organs: first kidney delivered by droneA kidney needed for transplantation has been delivered by a drone for the first time ever, the University of Maryland Medical Center said, a development that could herald faster and safer organ transport.
Read more »
Like Uber, but for organs: First kidney delivered by droneA kidney needed for transplantation has been delivered by a drone for the first time ever, the University of Maryland Medical Centre said, a development that could herald faster and safer organ transport.
Read more »
Like Uber, but for organs: first kidney delivered by droneA kidney needed for transplantation has been delivered by a drone for the first time ever, the University of Maryland Medical Center said, a development that could herald faster and safer organ transport.
Read more »
Like Uber, but for organs: first kidney delivered by droneA kidney needed for transplantation has been delivered by a drone for the first time ever, the University of Maryland Medical Center said, a development that could herald faster and safer organ transport.
Read more »
Swiss court declares driver an Uber employeePotentially landmark ruing could make all drivers employees
Read more »
Swiss court declares driver an Uber employeePotentially landmark ruing could make all drivers employees
Read more »
Lyft results underscore importance to Uber of life beyond ride-hailingLfyt posts huge losses in post-IPO earnings as Uber prepares for New York listing on Friday
Read more »
#Elections219: Uber is giving voters a discount to get to the polls | Cape TimesIf you are using Uber to get to get to your voting station, then you might want to read this.
Read more »
It pays to vote: free coffee, cheap chicken and R15 wors rolls on offerVoting means more than just exercising your democratic right, it can also land you a few good deals.
Read more »
Uber keeps its elbows sharp, pushing limits in Cape Town and other citiesWith growth slowing, Uber continues to spar with local officials around the world looking to limit Uber cars on their streets
Read more »