Here’s who will get rich from the Uber IPO

Here’s who will get rich from the Uber IPO

[ad_1]

Uber (UBER) priced its initial public offering at $45 a share on Thursday, valuing the company at $82 billion. In the process, Uber raised $8.1 billion, making it one of the largest US public offerings ever. On Friday, Uber began trading at $42 a share in a disappointing Wall Street debut.
At its IPO price, Uber will mint a new set of uber-rich people in the technology industry. Travis Kalanick, the cofounder and CEO who built Uber into a global brand before being ousted in 2017 after a series of PR crises, is chief among them. Kalanick’s 8.6% stake in the company is worth $5.3 billion.
After stepping down as CEO, Kalanick launched an investment fund called 10100 to invest in real estate, e-commerce, and innovation in China and India. He continues to serve on Uber’s board.
Garrett Camp, who cofounded Uber with Kalanick and is often credited with coming up with the idea for the ride-hailing app, will be a billionaire multiple times over too. His 6% stake in the company is worth $3.7 billion.

And Ryan Graves, Uber’s first CEO who effectively found and applied for the job on Twitter, owns a stake worth about $1.5 billion at the IPO price.

Uber's first investors open up about their wild ride
Then there are the investors who stand to benefit, some of whom have complicated histories with the company. Benchmark, an early Uber backer that later clashed publicly with Kalanick, is sitting on a stake worth $6.8 billion. Alphabet (GOOGL), the parent company of Google, owns a stake worth $3.2 billion. The company is also an investor in Uber’s chief rival, Lyft (LYFT), and it once engaged in a high-profile trade secrets lawsuit against Uber.
But the single largest stakeholder in Uber is an investor that came relatively late in the game: SoftBank (SFBTF). The Japanese conglomerate pumped $7.7 billion into Uber a year and a half ago, most of it at a steep discount as the ride-hailing company was recovering from a series of stumbles.

Heading into the IPO, SoftBank owned 16.3% of Uber. At the IPO price, that stake is worth $10 billion.

[ad_2]

Source link

Leave a Reply

Your email address will not be published.