Finally, after years of IPO chatter and expanding into food delivery, bikes, and self-driving cars in
Uber was created in San Francisco back in the year 2009 as a vehicle-for-hire app and became the quintessential “gig economy” company with an independently contracted workforce providing rides in the market and help the public to hire them cars. After Thursday’s filing, the company is expected to start publicly trading in May 2019.
Uber’s smaller competitor Lyft went public as the first ride-hailing app with a $24 billion valuation last month of the year of 2019. That created chatter that Uber would hit a nearly record-breaking $100 billion evaluation in this year, but it didn’t disclose what valuation it was seeking in its filing.
Uber has been open with its financials over the past year of the Uber. With most of its finances voluntarily divulged, we got a sense of how unprofitable ride-sharing in the market— well before Lyft’s official IPO filing confirmed huge annual loses of
It doesn’t help that Lyft’s stock has been dropping in the weeks since its arrival on the NASDAQ, where shares sold for $72 at the IPO market. Now it’s down in the market reached
To reach its IPO-filing moment, Uber has been through many transformations in the metro cities. The most notable change was when founder Travis Kalanick was kicked out and former Expedia CEO Dara Khosrowshahi arrived in August 2017 by the owner of the company. Last year the Uber logo and Brand changed under the new CEO of the Company.
Only two years ago, Uber’s workplace culture was known as aggressive, inappropriate, and rife with sexism in the common people. Khosrowshahi has worked to turn around that image while battling other major issues such as driver pay and benefits for the delivery the foods, the first autonomous vehicle fatality, and pushback from the traditional cab industry in cities around the world which has the larger population city.
The company brought on its first chief financial officer in the Three years just last August in a move that showed it was serious about going public to and help and take money from them.