Uber Technologies Inc will go public by mid next year with the latest valuation at $120 billion. This figure is higher than that of General Motors, Ford and Fiat Chrysler worth combined!
According to various sources, Goldman Sachs and Morgan Stanley provided the valuation to the company just a month ago.
The valuations hinge in part on highlighting the potential of Uber’s businesses outside its ride-hailing app, some of the people said, and also take into account its stakes in other transportation startups including China’s Didi Chuxing Technology Co. and India’s GrabTaxi Holdings Pte. UberEats, which is part of Uber Technologies, was valued as much as $20 billion.
Founded in 2009 and sustained by an ample supply of private capital, Uber is seen as the leader of highly valued startups that have delayed going public.
Over the past year, Uber has faced a series of scandals, from claims of workplace sexual harassment (followed by resignation of CEO Kalanick) to the alleged theft of trade secrets from rival Alphabet Inc.
Its new chief executive, Dara Khosrowshahi, has sought to win back investors, drivers and riders who can now choose from a growing group of taxi smartphone apps.