Uber on Thursday priced its shares at $45 each on its Wall Street debut, valuing the company at a disappointing $80.4bn.
While its value could rise on the first day of trading, the figure is well below Uber’s initial $100bn target as investors got the jitters about the lacklustre performance of the float staged by its rival Lyft in March.
Serf, noun: a laborer bound under the feudal system to work on his lord’s estate.
Uber is a lot. Last year 5.2 billion people took a ride in an Uber. And the company lost an average of 58 cents on each ride.
In Silicon Valley, an open house can be more than an open house. At a six-bedroom, seven-bath home in the town of Menlo Park, a flamenco dancer swirled and a guitarist fingerpicked in a kitchen alcove. Outside, pesto pizza was pulled from the pizza oven. A face painter splotched unicorns on pudgy cheeks. A barista whipped up lattes. There were squishy toys for kids and videos of the house for potential homebuyers, who could keep the video-players.
Several big-name tech companies are set to enter the public market, and the speculation over the effects of a crush of overnight millionaires overwhelming the region has reached fever pitch.
Alongside the results of last week’s US midterms came the passing of San Francisco’s Proposition C, a measure that will tax firms with an annual turnover of more than $50m (£44m) to raise an estimated $300m extra a year to help address homelessness. Last Tuesday, 60% of voters backed it: though the proposal is now snarled up in a constitutional dispute, its approval marks a big moment for a city whose housing crisis has become a matter of urgency.