Uber’s European rival Bolt launches in London

Uber’s European rival Bolt is now taking it on in the streets of London. The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area. Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London


Uber’s European rival Bolt is now taking it on in the streets of London. The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area. Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London
Uber’s European rival Bolt launches in London Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, launch, european, bolt, villig, ridehailing, uber, vehicles, company, london, ubers, uks, rival, launches


Uber's European rival Bolt launches in London

Uber’s European rival Bolt is now taking it on in the streets of London.

The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area.

“We see this as quite a monumental thing for both the company and the ride-hailing industry as a whole,” Bolt CEO Markus Villig told CNBC in an interview. “London is one of the biggest, most profitable markets for Uber globally and one where it didn’t have a serious competitor.”

Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London as of March 2018, according to the Department for Transport.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, launch, european, bolt, villig, ridehailing, uber, vehicles, company, london, ubers, uks, rival, launches


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Buy Uber because it will be a leader in the coming ‘offline era,’ Raymond James says

Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James. “In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy. Raymond James initiated coverage of the stock with an outperform rating and a target price of $50. Uber’s stock is down abou


Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James. “In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy. Raymond James initiated coverage of the stock with an outperform rating and a target price of $50. Uber’s stock is down abou
Buy Uber because it will be a leader in the coming ‘offline era,’ Raymond James says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, coming, era, ridehailing, raymond, internet, james, buy, growth, uber, offline, leader, stock, ubers, transportation, york


Buy Uber because it will be a leader in the coming 'offline era,' Raymond James says

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks on a webcast during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 10, 2019.

Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James.

With 93 million monthly active platform customers globally using Uber’s “offline app” for transportation and food delivery, the ride-hailing company can attain 25% revenue growth over the next five years, Raymond James analyst Justin Patterson said in a note to clients Wednesday.

“In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. “This elevates cost in the early years, but arguably creates a more defensible long-term position.”

Investors’ biggest concern since Uber’s initial public offering last month is its path to profitability. Patterson recognizes that the company’s shares have been pressured on these “reasonable concerns.” However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy.

Patterson said Uber’s end-market penetration is less than 1% globally.

“Considering Amazon and Booking sustained 20%+ growth in markets that were more penetrated, we see ample room for outsized growth, ” he said, referring to the parent company of booking.com, Kayak and OpenTable.

Patterson said that with Uber’s market share across transportation, delivery and freight, its growth will accelerate and the competition will “rationalize” over the next 12 months. Investors currently consider the ride-hailing industry to be a duopoly with rival Lyft.

Raymond James initiated coverage of the stock with an outperform rating and a target price of $50.

Uber’s stock is down about 5% since its market debut at the New York Stock Exchange last month. The stock has rallied over 5% in the first days of June.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, coming, era, ridehailing, raymond, internet, james, buy, growth, uber, offline, leader, stock, ubers, transportation, york


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Lyft rises after Uber’s CEO shows optimism about competition on the company’s first earnings call

Uber Technologies CEO Dara Khosrowshahi during the opening bell at the New York Stock Exchange during the company’s IPO, May 10, 2019. Shares of Lyft rose Friday morning after Uber CEO Dara Khosrowshahi echoed its executives’ optimism around competition in the ride-sharing market. Shares of Lyft rose 5.1% Friday as Uber’s stock rose 1.5%. Lyft’s stock gained more than $800 million in value, rising to a market cap of $16.7 billion compared with Uber’s $67.8 billion. Analysts appear to be buying i


Uber Technologies CEO Dara Khosrowshahi during the opening bell at the New York Stock Exchange during the company’s IPO, May 10, 2019. Shares of Lyft rose Friday morning after Uber CEO Dara Khosrowshahi echoed its executives’ optimism around competition in the ride-sharing market. Shares of Lyft rose 5.1% Friday as Uber’s stock rose 1.5%. Lyft’s stock gained more than $800 million in value, rising to a market cap of $16.7 billion compared with Uber’s $67.8 billion. Analysts appear to be buying i
Lyft rises after Uber’s CEO shows optimism about competition on the company’s first earnings call Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lauren feiner
Keywords: news, cnbc, companies, analysts, companys, competition, lyft, shows, stock, earnings, khosrowshahi, rises, market, rose, ceo, brand, ubers, optimism, uber, lyfts


Lyft rises after Uber's CEO shows optimism about competition on the company's first earnings call

Uber Technologies CEO Dara Khosrowshahi during the opening bell at the New York Stock Exchange during the company’s IPO, May 10, 2019.

Shares of Lyft rose Friday morning after Uber CEO Dara Khosrowshahi echoed its executives’ optimism around competition in the ride-sharing market. Shares of Lyft rose 5.1% Friday as Uber’s stock rose 1.5%. Lyft’s stock gained more than $800 million in value, rising to a market cap of $16.7 billion compared with Uber’s $67.8 billion.

During a call with analysts following Uber’s first quarterly earnings report, Khosrowshahi said he agreed with Lyft executives who said earlier this month they believed the market was becoming more rational.

“I think that competing on brand and product is — call it a healthier mode of competition than just throwing money at a challenge,” Khosrowshahi said.

Both companies have incurred large losses due in part to providing hefty incentives to lure both riders and drivers to their platforms. In the last quarter alone, Uber reported a net loss of $1.01 billion. Lyft reported an adjusted per-share loss of $9.02.

On Lyft’s earnings call earlier in May, President John Zimmer said that in his time since founding the company, “you can see that as a percentage of revenue that this is the most rational the market has been.” That makes consumers’ choice between two strong competitors lean more on brand than price, he said.

Analysts appear to be buying in to the claims, though they maintained a wait-and-see attitude on Uber’s stock.

“While there is no guarantee that this will last, we believe that over the next 12 months both will focus more on competing via service innovations (micro mobility, loyalty etc), which should provide a significant tailwind to Uber’s unit economics,” Atlantic Equities analysts wrote in a note Friday, upgrading its rating on Uber from neutral to overweight.

DA Davidson analysts wrote Friday that “a more rational promotional environment is certainly a key positive, but only time will tell whether LYFT’s healthier brand is a sustainable competitive advantage and/or whether UBER’s relatively larger scale will drive meaningfully better Rider/Driver experiences.” The firm maintained a neutral rating on the stock and lowered its price target from $53 to $46.

Subscribe to CNBC on YouTube.

Watch: Uber just announced its first-ever quarterly earnings—Here’s what three experts are watching now


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lauren feiner
Keywords: news, cnbc, companies, analysts, companys, competition, lyft, shows, stock, earnings, khosrowshahi, rises, market, rose, ceo, brand, ubers, optimism, uber, lyfts


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Uber’s first earnings reports: Investors are looking for signs it can become profitable

Unlike Amazon, Uber’s revenue growth has already begun to slow. The company blames competitive pressure in ride sharing and the rise of its costly delivery business, Uber Eats, for the deceleration. In an interview with CNBC’s Andrew Ross Sorkin that aired on Uber’s IPO day, Khosrowshahi defended the comparison to Amazon. While profitability may still be a ways away for Uber, analysts are looking for signs of growth in Uber’s gross bookings and take rate. The take rate for Uber Eats declined fro


Unlike Amazon, Uber’s revenue growth has already begun to slow. The company blames competitive pressure in ride sharing and the rise of its costly delivery business, Uber Eats, for the deceleration. In an interview with CNBC’s Andrew Ross Sorkin that aired on Uber’s IPO day, Khosrowshahi defended the comparison to Amazon. While profitability may still be a ways away for Uber, analysts are looking for signs of growth in Uber’s gross bookings and take rate. The take rate for Uber Eats declined fro
Uber’s first earnings reports: Investors are looking for signs it can become profitable Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: lauren feiner
Keywords: news, cnbc, companies, earnings, rate, reports, ipo, khosrowshahi, signs, uber, looking, eats, revenue, investors, ubers, quarter, company, profitable, billion


Uber's first earnings reports: Investors are looking for signs it can become profitable

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks on a webcast during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 10, 2019.

As Uber prepares to report its quarterly earnings for the first time as a public company, investors and analysts will be looking for signals to answer one question: Will Uber ever become profitable?

The ride-hailing company reports earnings after Thursday’s closing bell. It has already projected a net loss of at least $1 billion for the first quarter of 2019 in an unaudited report released in a filing with the Securities and Exchange Commission ahead of its IPO. That compares with the net income of $3.75 billion it reported for the same period last year. Uber estimated revenue for the quarter would range from $3.04 billion to $3.10 billion, compared with the $2.58 billion in revenue the company reported in the same quarter of last year.

Uber’s large losses had many analysts questioning its sky-high early valuation ahead of its IPO. The company had been seeking a valuation as high as $120 billion, according to early reports, as it recorded an adjusted EBITDA loss of $1.85 billion in 2018. Uber tempered expectations by pricing its IPO at $45 per share, giving it a market value of $75.46 billion at its IPO on a nondiluted basis. The stock still sank 7.6% on its first day of trading to a market cap of $69.7 billion.

Uber would argue its losses are the result of heavy investment in its core ride-sharing market and newer initiatives including meal delivery and freight. CEO Dara Khosrowshahi is fond of likening Uber’s trajectory to Amazon’s early days on the public market. Like Uber, Amazon debuted with losses in 1997, but its stock price has since ballooned and its net income grew to $3.6 billion in the last quarter. Unlike Amazon, Uber’s revenue growth has already begun to slow.

The company blames competitive pressure in ride sharing and the rise of its costly delivery business, Uber Eats, for the deceleration. Competition from services like Lyft has lowered Uber’s take rate, which it defines as gross bookings divided by adjusted net revenue.

Meanwhile, its delivery service Uber Eats is growing, but it requires the company to pay not only the drivers, like in its ride-hailing business, but also its restaurant partners. Uber said in its IPO filing it has “onboarded large-volume restaurants at a lower service fee and in geographies with greater competition, such as the United States and India.” As a result, it expects the take rate to continue to decline in the near term.

Uber’s core platform contribution margin, the amount of profit it makes from its core platform business divided by revenue, turned negative in the fourth quarter of 2018. The decline indicates Uber is actually on a path to become less profitable as it gains more customers and brings in more total revenue.

In an interview with CNBC’s Andrew Ross Sorkin that aired on Uber’s IPO day, Khosrowshahi defended the comparison to Amazon.

“It’s a fair comparison at the wrong time,” he said. “So a lot of private companies now are holding off much longer before they go public. We are much bigger, much more mature as a company as we go public, and if you do look at the growth rates, our audience is growing 33% on a year on year basis, transactions are growing 36%. To be able to grow transactions 36% on a $50 billion base is pretty incredible, and we hope to keep it going.”

Still, Khosrowshahi would not commit to 2019 being the company’s peak year for losses, as Lyft’s executives had days earlier on their earnings call.

“That would be our intention, although there can’t be any guarantee,” Khosrowshahi said.

While profitability may still be a ways away for Uber, analysts are looking for signs of growth in Uber’s gross bookings and take rate. Uber has substantially grown its gross bookings, defined as the full dollar value of an Uber service, for both ride sharing and Eats. Gross bookings for Uber Eats more than doubled from $3 billion in 2017 to $7.9 billion in 2018, according to the company.

But while its ride-sharing take rate saw a small uptick from 21% in 2017 to 22% in 2018, Uber Eats’ take rate has been driven down due to greater driver incentives and expansions to new areas, according to the company. The take rate for Uber Eats declined from 12% in 2017 to 10% in 2018.

Lyft executives offered a glimmer of hope for the overall ride-hailing industry on their first earnings call. President John Zimmer told analysts “this is the most rational the market has been,” meaning ride hailing companies may be able to keep drivers on their platforms with lower incentives — a key cost driver for both Lyft and Uber.

In a note Tuesday, Wedbush Securities analysts outlined some of the positive signs they are looking for in the report.

“While investors have been expecting take rate compression as competition pushes irrationality and rider incentives in the near-term, we expect a focus on a path to improvement and accelerating revenue growth over the remainder of 2019 and into 2020,” they wrote.

Subscribe to CNBC on YouTube.

Watch: CNBC’s full interview with Uber CEO Dara Khosrowshahi ahead of its IPO


Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: lauren feiner
Keywords: news, cnbc, companies, earnings, rate, reports, ipo, khosrowshahi, signs, uber, looking, eats, revenue, investors, ubers, quarter, company, profitable, billion


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Uber stumbles in trading debut

Uber began trading on the New York Stock Exchange Friday at $42 per share, below its IPO price of $45. Toward the beginning of its trading, Uber’s market cap was around $74 billion. Uber is now the second ride-hailing company to hit the U.S. public market, following Lyft’s debut in March. As Uber began its first day of trading, Lyft’s stock was down more than 2%. Lyft’s poor performance on the public market has somewhat dampened expectations over Uber’s IPO, as Lyft’s stock has plummeted more th


Uber began trading on the New York Stock Exchange Friday at $42 per share, below its IPO price of $45. Toward the beginning of its trading, Uber’s market cap was around $74 billion. Uber is now the second ride-hailing company to hit the U.S. public market, following Lyft’s debut in March. As Uber began its first day of trading, Lyft’s stock was down more than 2%. Lyft’s poor performance on the public market has somewhat dampened expectations over Uber’s IPO, as Lyft’s stock has plummeted more th
Uber stumbles in trading debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: lauren feiner, cnbc, erin black
Keywords: news, cnbc, companies, uber, stock, ipo, ubers, trading, public, market, company, stumbles, lyfts, debut, khosrowshahi


Uber stumbles in trading debut

Uber began trading on the New York Stock Exchange Friday at $42 per share, below its IPO price of $45. The stock was down more than 1% toward the start of trading.

Uber priced its shares Thursday night toward the low end of its target range of $44 to $50 per share. That gave Uber a valuation of $75.46 billion at its IPO on a non-diluted basis, still well below the $120 billion it was reportedly seeking when news first broke it was preparing to go public. Toward the beginning of its trading, Uber’s market cap was around $74 billion.

The stock began trading in the face of difficult market conditions Friday. The Dow Jones Industrial Average fell about 300 points after President Donald Trump said on Twitter “there is absolutely no need to rush” trade talks with China.

Uber’s Chief Financial Officer Nelson Chai said “this was a tough day” on the market in an interview on CNBC after the stock began trading. Asked about whether executives considered delaying the IPO as a result of the conditions, Chai said, “I don’t think that we’re smart enough to try to judge the market … We weren’t optimizing to have the best opening price or the opening day. We’re really looking for how the stock continues to trade over time and that’s what we’re building for.”

Uber is now the second ride-hailing company to hit the U.S. public market, following Lyft’s debut in March. Both companies have been heavily scrutinized for continuing to post big losses, but many investors are also intrigued by the entrance of the new industry onto the public exchange. As Uber began its first day of trading, Lyft’s stock was down more than 2%.

Lyft’s poor performance on the public market has somewhat dampened expectations over Uber’s IPO, as Lyft’s stock has plummeted more than 20% from its IPO price. Uber CEO Dara Khosrowshahi said in an interview with CNBC’s Andrew Ross Sorkin on “Squawk Box” Friday that Lyft’s performance “led us to be a bit more conservative.”

But analysts saw a promising path to profitability in Lyft’s first quarterly earnings report after the company showed strong growth in active ridership and revenue per active rider. Executives said on the earnings call Tuesday the ride-hailing market overall is beginning to become more rational, limiting the need for driver incentives.

Like Lyft, Khosrowshahi said 2019 should be the company’s peak year for losses. Uber has been comparing itself to Amazon in its pitches to investors, which also infamously was not profitable at its IPO. While some analysts are dubious of the comparison, they also recognize investors’ fear of missing out on the next big thing. In his CNBC interview, Khosrowshahi said he stands behind the comparison despite the differences between the two companies at their IPO.

“It’s a fair comparison at the wrong time,” Khosrowshahi said. “So a lot of private companies now are holding off much longer before they go public. We are much bigger, much more mature as a company as we go public, and if you do look at the growth rates, our audience is growing 33% on a year on year basis, transactions are growing 36%. To be able to grow transactions 36% on a $50 billion base is pretty incredible, and we hope to keep it going.”

Khosrowshahi will be personally incentivized to keep up the value of the stock. If Khosrowshahi can keep Uber’s valuation above $120 billion for 90 consecutive days once it goes public, Khosrowshahi will win net stock bonuses topping $100 million.

Even with shares priced toward the low end of its target range, Khosrowshahi is unconcerned with reaching those goals.

“I wasn’t expecting it any time short term,” he told CNBC. “I’m here to stay. I’m here to build a big company. That compensation term is not about a single day, it’s about what value you create over 10 years, and over 10 years, absolutely I expect to get there.”

One person who was missing from the dais at Uber’s debut was its co-founder and former CEO Travis Kalanick. Kalanick, who was ousted from the company after accusations that he helped foster a hostile and inappropriate environment at the company, will be nearby with his father at Uber’s start of trading on the floor of the NYSE.

Correction: A previous version of this article misstated the value of Uber CEO Dara Khosrowshahi’s net stock bonuses if he keeps Uber’s valuation above $120 billion for 90 consecutive days.

Subscribe to CNBC on YouTube.

Watch: Why Uber is losing money and what it will take to become profitable


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: lauren feiner, cnbc, erin black
Keywords: news, cnbc, companies, uber, stock, ipo, ubers, trading, public, market, company, stumbles, lyfts, debut, khosrowshahi


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet

On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up. On March 1, 2010, he became the first employee at Uber thanks to that tweet. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes. Kalani


On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up. On March 1, 2010, he became the first employee at Uber thanks to that tweet. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes. Kalani
Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: catherine clifford, mark neuling
Keywords: news, cnbc, companies, ubers, silicon, job, billion, graves, billionaire, according, employee, wrote, uber, company, 2010, kalanick, thanks


Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet

It would turn out to be a billion-dollar tweet.

On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up.

Graves, who was at the time working as a leader in a management training program in information technology at General Electric, got hired.

On March 1, 2010, he became the first employee at Uber thanks to that tweet.

“I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. “What resulted was the Awesomest job post and response I’ve ever seen.”

Now of course, Uber is a multibillion-dollar company. It was valued at more than $75 billion based on it’s $45 a share IPO on Thursday, and shares were hovering between about $42 and $44 when it started trading on the New York Stock Exchange Friday.

Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes.

Kalanick (worth over $5 billion, according to Forbes) has said that Graves, “hit the ground running,” at Uber after he was hired. “From the day he got going, we spent about 15-20 hours a week working together going over product, driver on-boarding, pricing model, the whole nine. He learned the startup game fast and worked his a– off to build the Uber team and make the San Francisco launch and subsequent growth a huge success,” Kalanick wrote in the 2010 blog post.

Graves’ tenure at Uber included an almost year-long stint as the CEO and an almost seven-year run as the senior vice president of global operations.

Of course, Graves’ time at Uber was not without controversy, and he announced his resignation from Uber in August 2017, two months after Kalanick was forced to resign when investigations into Uber’s culture revealed sexual harassment and discrimination.

“We should have taken more time to reflect on our mistakes and make changes together,” Graves said in an email sent to Uber staff at the time. “There always seemed to be another goal, another target, another business or city to launch. Confucius said that reflection is the noblest method to learn wisdom, and fortunately, our new found reflection and introspection has become an asset to us and we have evolved and grown considerably.”

Graves still sits on Uber’s board of directors. He now lives with his family in Hawaii, according to Forbes, and is running the investment firm he founded, Saltwater. Saltwater’s portfolio includes independent San Francisco beer company Fort Point beer, cannabis company Caliva and women’s health and fertility services company Kindbody.

Though Graves’ money tweet may sound like a Silicon Valley fairy tale, it’s not entirely unique. Adam Lyons was the 25-year-old founder of car-insurance start-up The Zebra when he guessed Mark Cuban’s email address, shot him a note and ended up getting an investment from the billionaire star of ABC’s “Shark Tank.” And Elon Musk recently suggested a Reddit user “should interview at Tesla” for the analysis he posted of his Tesla’s self-driving car technology.

And it’s not just Silicon Valley: Hafthor Bjornsson who stars as “The Mountain” on HBO’s “Game of Thrones,” got an audition for the role via an unsolicited Facebook Messenger message.

See also:

Hedge fund billionaire Ray Dalio to younger self: ‘Why are you so stupidly arrogant!?!’

Pinterest’s employee No. 2 left before his equity vested—here’s what he says of the decision that cost him millions

Google execs reveal secrets to success they got from Silicon Valley’s ‘trillion dollar’ business coach


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: catherine clifford, mark neuling
Keywords: news, cnbc, companies, ubers, silicon, job, billion, graves, billionaire, according, employee, wrote, uber, company, 2010, kalanick, thanks


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Uber prices IPO at $45 per share, at low end of range

When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34Uber priced its IPO at $45 per share Thursday, at the low end of its stated range. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion. Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month. While Khosrowshahi is working to restore Uber’s reputation, the company faced driver stri


When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34Uber priced its IPO at $45 per share Thursday, at the low end of its stated range. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion. Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month. While Khosrowshahi is working to restore Uber’s reputation, the company faced driver stri
Uber prices IPO at $45 per share, at low end of range Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leslie picker, lora kolodny, ali balikci, anadolu agency, getty images, alex kraus, bloomberg
Keywords: news, cnbc, companies, needs, prices, 45, companies, share, uber, ubers, company, billion, losses, ipo, range, car, end, low


Uber prices IPO at $45 per share, at low end of range

When going public, there needs to be path to profitability: Pro 4 Hours Ago | 03:34

Uber priced its IPO at $45 per share Thursday, at the low end of its stated range.

At the IPO price of $45 per share, the company will be valued on a non-diluted basis at about $75.46 billion, which will put the stock’s market cap right around the size of Caterpillar’s and make it one of the most valuable companies ever to go public. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion.

Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected range was between $44 and $50 per share, according to a filing last month.

The company is offering 180 million shares of its common stock, which means it could raise around $8.1 billion on Friday, with an option for underwriters to buy an additional 27 million shares.

A ride-hailing pioneer and Silicon Valley darling, Uber made on-demand transportation a new norm throughout the world, while accumulating massive losses and controversy along the way.

In 2018, Uber’s revenue reached $11.3 billion for the year, up 43% from 2017, while reporting adjusted losses of $1.8 billion, an improvement over losses of $2.6 billion in 2017, according to its IPO filing. The company has never turned a profit.

To cover these losses and fund its rapid expansion, the company raised more than $24 billion from a wide range of investors since its founding a decade ago, according to Crunchbase. Investors have included traditional VC firms like Benchmark, and companies with interests in transportation like Alphabet and Toyota. Its biggest shareholder is Japanese tech conglomerate SoftBank, which invested more than $8 billion through its Vision Fund and owns 16.3% of the company pre-IPO.

Shawn Carolan, an early Uber investor and partner at Menlo Ventures, said: “Uber is a great reminder to venture capitalists that the biggest opportunities lie in our most common needs as humans. When a startup presents, look beyond the current product, which often feels trivial, to the underlying need being served. An on-demand black car service was easy to dismiss, but nearly everyone needs transportation.”

At Uber, CEO Dara Khosrowshahi replaced co-founder Travis Kalanick in 2017 after myriad missteps for the company. Kalanick’s ouster was preceded by revelations about unchecked sexism within Uber’s ranks, and a high-stakes lawsuit over trade secrets from Waymo, Alphabet’s self-driving car business.

While Khosrowshahi is working to restore Uber’s reputation, the company faced driver strikes in major cities this week leading up to the IPO.

Personal mobility remains Uber’s core business. Its ride-hailing services reach into 63 countries and more than 700 cities. But its ambitions and revenue streams have diversified into bike and scooter rentals, food delivery and freight. Uber is also developing air taxis and driverless car technology, among other things.

Uber is engaged in an intense pricing battle with its chief competitor in the U.S., Lyft, as the companies try to attract and retain riders with low fares, while paying drivers just enough to keep them on the platform too.

The company plans to list on Friday with the ticker “UBER.”


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leslie picker, lora kolodny, ali balikci, anadolu agency, getty images, alex kraus, bloomberg
Keywords: news, cnbc, companies, needs, prices, 45, companies, share, uber, ubers, company, billion, losses, ipo, range, car, end, low


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Wealthy Goldman Sachs clients stand to rake in $1 billion on Uber IPO

Goldman Sachs’ millionaire clients are teed up to be among the biggest winners in Uber’s initial public offering this week. The stake results in a $1 billion profit on paper for the Goldman clients in just a matter of years, the person said. The convertible bond deal let Goldman Sachs clients get a deeper discount on the stock the longer Uber stayed private, the person said. Luckily for certain Goldman clients, Uber remained private for a decade. The Goldman Sachs shareholders are subject to the


Goldman Sachs’ millionaire clients are teed up to be among the biggest winners in Uber’s initial public offering this week. The stake results in a $1 billion profit on paper for the Goldman clients in just a matter of years, the person said. The convertible bond deal let Goldman Sachs clients get a deeper discount on the stock the longer Uber stayed private, the person said. Luckily for certain Goldman clients, Uber remained private for a decade. The Goldman Sachs shareholders are subject to the
Wealthy Goldman Sachs clients stand to rake in $1 billion on Uber IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: kate rooney, andrew harrer, bloomberg, getty images, cnbcs john schoen
Keywords: news, cnbc, companies, person, uber, rake, ubers, clients, goldman, shares, billion, stock, ipo, sachs, according, stand, wealthy


Wealthy Goldman Sachs clients stand to rake in $1 billion on Uber IPO

Goldman Sachs’ millionaire clients are teed up to be among the biggest winners in Uber’s initial public offering this week.

About four years ago, the bank’s private-wealth customers were offered what are known as convertible bonds. In this case, the Uber corporate bonds turn into discounted stock when the ride-hailing company goes public, according to a person familiar with the fundraising.

Uber raked in $1.6 billion in those debt sales to Goldman’s clients, who will now get a 40% discount on Uber stock as it debuts on the New York Stock Exchange, the person told CNBC. The Wall Street Journal first reported the news and financial figures.

Collectively, those clients’ investments will amount to a 3.4% stake in Uber, the person said. That percentage is worth $2.7 billion if Uber prices its shares in the middle of its expected price range, which a source told CNBC this week is likely to happen. The stake results in a $1 billion profit on paper for the Goldman clients in just a matter of years, the person said.

The San Francisco-based start-up is expected to price shares on Thursday and start trading Friday under the symbol “UBER.” On a fully diluted basis, the company’s valuation could come in at $91.51 billion on the high end. At the midpoint of that range, Uber’s valuation would be about $86 billion.

The convertible bond deal let Goldman Sachs clients get a deeper discount on the stock the longer Uber stayed private, the person said. Luckily for certain Goldman clients, Uber remained private for a decade. During that time, the interest on Uber debt also increased. The bonds started out by kicking back 2.5% for investors in the early years and rose to as high as 12.5% this year, the person said.

The Goldman Sachs shareholders are subject to the same lockup rules as the investment bank, which has a separate $500 million investment in Uber, according to The Wall Street Journal report. The bank is barred from selling shares for 6 months, and both Goldman and its clients are not allowed to enter into hedges or any other transactions such as shorting before that lockup period is over, according to the Journal.

Shares of rival Lyft have fallen 30% since its March stock market debut. Some have blamed a hedge related to a trade between billionaire investors Carl Icahn and George Soros for the stock’s underperformance. According to the Journal, Uber’s lawyers combed through Lyft’s lockup agreement for any loopholes that permitted the hedge, looking to close them for Uber ahead of its own IPO.

There are plenty of other winners in Uber’s highly anticipated debut. Softbank Vision Fund is Uber’s largest shareholder. The world’s largest technology investor announced an additional $1 billion investment in Uber’s self-driving vehicle unit just weeks before its initial public offering. Venture capital firm Benchmark is its second-largest shareholder with 8.5% of total shares on the private market, followed by founder and former CEO Travis Kalanick, who was replaced by Dara Khosrowshahi in 2017.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: kate rooney, andrew harrer, bloomberg, getty images, cnbcs john schoen
Keywords: news, cnbc, companies, person, uber, rake, ubers, clients, goldman, shares, billion, stock, ipo, sachs, according, stand, wealthy


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Investor group demands changes to Uber’s board ahead of IPO

Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.” In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside com


Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.” In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside com
Investor group demands changes to Uber’s board ahead of IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elizabeth schulze
Keywords: news, cnbc, companies, thain, ctw, ipo, group, changes, uber, board, merrill, demands, lynch, letter, ubers, investor, ahead


Investor group demands changes to Uber's board ahead of IPO

Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.”

In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside commitments ahead of the firm’s expected IPO on the New York Stock Exchange in coming weeks.

CtW is a union-affiliated pension fund adviser with more than $250 billion in assets under management. The group has previously scrutinized the board practices of companies like Tesla and said in the letter its funds intend to become “substantial” Uber shareholders.

The group was highly critical of Thain, who leads Uber’s Audit Committee. CtW referenced the former Merrill Lynch chief executive’s “close relationship” with Uber CFO Nelson Chai, who worked under Thain at NYSE, Merrill Lynch and CIT Group.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elizabeth schulze
Keywords: news, cnbc, companies, thain, ctw, ipo, group, changes, uber, board, merrill, demands, lynch, letter, ubers, investor, ahead


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Investor group demands changes to Uber’s board ahead of IPO

Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.” In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside com


Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.” In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside com
Investor group demands changes to Uber’s board ahead of IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elizabeth schulze
Keywords: news, cnbc, companies, thain, ctw, ipo, group, changes, uber, board, merrill, demands, lynch, letter, ubers, investor, ahead


Investor group demands changes to Uber's board ahead of IPO

Investor group CtW demanded changes to Uber’s board of directors ahead of the ride-hailing company’s anticipated IPO, saying on Wednesday its governance “falls short of best practices.”

In a letter addressed to Uber Chairman Ronald Sugar, CtW called for the removal of former Merrill Lynch executive John Thain from Uber’s board, citing his “reputation of poor business judgement on financial matters.” The group also said Uber’s board members, including its chairman, should reduce their outside commitments ahead of the firm’s expected IPO on the New York Stock Exchange in coming weeks.

CtW is a union-affiliated pension fund adviser with more than $250 billion in assets under management. The group has previously scrutinized the board practices of companies like Tesla and said in the letter its funds intend to become “substantial” Uber shareholders.

The group was highly critical of Thain, who leads Uber’s Audit Committee. CtW referenced the former Merrill Lynch chief executive’s “close relationship” with Uber CFO Nelson Chai, who worked under Thain at NYSE, Merrill Lynch and CIT Group.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elizabeth schulze
Keywords: news, cnbc, companies, thain, ctw, ipo, group, changes, uber, board, merrill, demands, lynch, letter, ubers, investor, ahead


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post