Uber Net Worth 2020, Bio, Awards, and Instagram.
Uber Net Worth: At that valuation, Uber is worth almost as much as Ford and General Motors combined. It will also have a valuation just above Goldman Sachs and be significantly larger than the electric-car maker Tesla.
It is almost five times as valuable as rival ride-hailing company Lyft. Uber, however, will have to rise significantly to eclipse the personal net worth of Amazon founder Jeff Bezos, which sits at $112 billion.
While Uber is huge, its valuation has dropped sharply from the $120 billion figure that was floated in October. Lyft’s rocky start has hung over Uber’s long-awaited New York Stock Exchange debut.
Uber‘s rapid growth came many controversies that knocked down the firm’s valuation from a lofty $70 billion to $48 billion in its last funding round in Jan. 2018. On May 23, 2018, the company announced a new tender offer that would bump the company’s value to $62 billion.
Earlier in 2018, Japanese conglomerate Softbank Group, along with a group of investors including Dragoneer Investment Group, successfully bid for 20% of Uber’s stock at this lower valuation, a 30% discount of the last valuation figure.
The deal reportedly gave Softbank 15% in the rideshare company while Uber got a powerful ally in Asia, and could help turn the tide for the company after a few very public missteps.
The remaining 5% of shares reportedly went to other investors in the group.
The year hasn’t been all great, though, as a self-driving Uber vehicle was involved in a fatal crash. Additionally, on August 8, 2018, the New York City Council voted to put a pause on new licenses issued to ride-hailing services such as Uber and Lyft.
Despite the lower valuation, Uber today is valued more than the market cap of Ford Motor Company (F) and General Motors Company (GM). It will be interesting to see how the company’s plan of going public by 2019 plays out.
Uber’s story began in Paris in 2008. Two friends, Travis Kalanick and Garrett Camp, were attending the LeWeb, an annual tech conference the Economist describes as “where revolutionaries gather to plot the future”.
In 2007, both men had sold startups they co-founded for large sums. Kalanick sold Red Swoosh to Akamai Technologies for $19 million while Camp sold StumbleUpon to eBay (EBAY) for $75 million.
Rumor has it that the concept for Uber was born one winter night during the conference when the pair was unable to get a cab. Initially, the idea was for a timeshare limo service that could be ordered via an app.
After the conference, the entrepreneurs went their separate ways, but when Camp returned to San Francisco, he continued to be fixated on the idea and bought the domain name UberCab.com.
In 2009, Camp was still CEO of StumbleUpon, but he began working on a prototype for UberCab as a side project.
By summer of that year, Camp had persuaded Kalanick to join as UberCab’s ‘Chief Incubator’.
The service was tested in New York in early 2010 using only three cars, and the official launch took place in San Francisco in May.
Ryan Graves, who was Uber’s General Manager and an important figure in the early stages of the company, became CEO of Uber in August 2010.
In December 2010, Kalanick took over again as CEO, while Graves assumed the role of COO and board member.
The ease and simplicity of ordering a car fueled the app’s rising popularity.
With the tap of a button, a ride could be ordered; GPS identified the location and the cost was automatically charged to the card on the user account.
In October 2010, the company received its first major funding, a $1.25 million round led by First Round Capital.
In October 2010, the company received a cease-and-desist order from the San Francisco Municipal Transportation Agency.
One of the main issues cited was the use of the word “cab” in UberCab’s name.
The startup promptly responded by changing the name UberCab to Uber and bought the Uber.com domain name from Universal Music Group.
Uber Discloses Losses
2011 was a crucial year for Uber’s growth. Early in the year, the company raised an $11 million Series A round of funding led by Benchmark Capital and it went on to expand to New York, Seattle, Boston, Chicago, Washington D.C. as well as abroad in Paris.
In December at the 2011 LeWeb Conference, Kalanick announced that Uber raised $37 million in Series B funding from Menlo Ventures, Jeff Bezos, and Goldman Sachs.
In 2012, the company broadened its offering by launching UberX, which provided a less expensive hybrid car as an alternative to black car service.
In June 2016, Uber raised $3.5 billion from Saudi Arabia’s Wealth Fund.
Uber is not public and isn’t required to report its earnings publicly, but in April 2017, Uber opened up about its finances for the first time to Bloomberg and reported a global loss of $3.8 billion for 2016.
This includes losses from its China business, which it sold the summer of 2016 — without it, net adjusted losses were $2.8 billion.
The company also told Bloomberg that the more it shifts to its UberPool — the carpooling service — the faster the revenue grows, and this shift made the fourth quarter of 2016 a little brighter with a revenue increase of 76%, while losses increased 5%.
Аѕ оf Мау 2020, Тhе аррrохіmаtе еѕtіmаtіоn оf Ubеr’ѕ nеt wоrth іѕ $100 bіllіоn. Оnе оf Ubеr’ѕ іnvеѕtоrѕ’ Веnсhmаrk, ѕауѕ thе fіrm іѕ соnfіdеnt аbоut Ubеr’ѕ орtіmіѕtіс futurе.
Тhеѕе wоrdѕ оf Веnсhmаrk іn twіttеr іnvіtеd mаnу іnvеѕtоrѕ fоr Ubеr Тесhnоlоgіеѕ.
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