Ridesharing companies Uber and Lyft have taken more than 11 billion people for a ride in their relatively short life. And yet the two companies have yet to make a cent in profits. Now, as the companies go public, some drivers think they may have spotted one way the companies plan to close that gap: increasing prices while short-changing drivers.
When Uber filed the paperwork for its initial public offering on Thursday, the quintessential bad boy startup signaled to the world that it was ready to grow up. In a letter to potential investors, the CEO, Dara Khosrowshahi, acknowledged the “greater responsibilities” the company will take on once it goes public, and promised to act with “passion, humility, and integrity”.
Ride hailing service Uber is prepared to make public intimate and potentially colorful details about its business on Thursday as it gets ready to become a public company.
The 10-year-old company that has fucked the taxi industry will become the latest Silicon Valley “unicorn” – a private company worth over $1bn – to test the stock markets appetite for loss-making tech companies.
The father of a University of South Carolina student who police say was kidnapped and killed after she got into the wrong car thinking it was her Uber has promised to dedicate his life to improving the safety of ridesharing services.
Five years ago Aileen Lee, founder of Silicon Valley investor Cowboy Ventures, coined the term “unicorn” for a private company valued at more than $1bn.