But even that wasn't enough to guarantee a strong Wall Street debut.
In a fantastic tournament, Uber began trading at $ 42 per share on Friday, below the $ 45 IPO award. The debut comes after Uber raised $ 8.1 billion in one of the largest public The deals ever, valuing the company at $ 82 billion, yet at the low end of what Uber originally stood for raising.
The less than the stars offer may turn out to be just the first rude awakening of Uber faces when it goes to the public market. Over the last decade, Uber has emerged as the poster child for a generation of technology launch that – raised and lost – outstanding money while avoiding going public as long as possible. But it can't fly on Wall Street.
Lift ( LIFT ) Uber's main competitor in the United States has settled on the stock market since it was published in late March. Stocks in Lyft fell below the IPO price on their second trading day and have continued to thumb since. The stock is now down to around 25% from the IPO price.
As Lyft, Uber has a history of bleeding money, as it subsidizes the cost of rides and invests in an increasing variety of transport options. Uber lost $ 1.8 billion in 2018, more than any US startup has ever lost in the year before it went public. The previous company to keep the dubious honor, but brief: Lift.
"It's amazing what [Uber has] built, but they're still not done doing it. They've subsidized the business," said Kathleen Smith, rector of Renaissance Capital, who manages IPO-focused exchange-traded funds. 19659004] "Small boats do not float on their own bottom."
As Smith points out, technology companies that have come to market in recent years, with huge losses – including Lift and Snap – currently have not traded over their IPO price. "
Uber has its role as an" Amazon for Transport "by offering a wide range of services, including meal deliveries and shipping freight. But the Amazon comparison can also be read as a clear signal to investors. Amazon lost money for years While investing to build a massive business, now make billions in profits every quarter.
Uber's long and bumpy road
Uber launched in 2009 with the goal of offering private cars on demand, simply by opening an app on the smartphone. In the decade ago, the front rivals bulldozed through a mix of aggressive collection, dirty tricks and a committed attitude to expansion in the United States and abroad.
Along the way, the Uber taxi industry became the most destabilized valuable start-up in the United States and emerged as the girlfriend of Silicon Valley, spawning an entire category of companies that billed themselves as "Uber for X"
But that changed in 2017 when former engineer Susan Fowler shouted the company by making public statements about sexism and harassment in a longer blog post. An internal survey showed a ruthless office culture where "toe-stepping" was a valued value and leaders had uncontrolled power. Travis Kalanick, Uber's founder and then CEO, admitted that he needed to "grow up" after being caught on camera arguing with a Uber driver.
Kalanick was eventually exterminated in June 2017. At that time, Uber operated without CEO, CFO, COO or CMO.
Uber replaced brash Kalanick with Dara Khosrowshahi, an experienced executive who ran Expedia ( EXPE ) ] earlier. Khosrowshahi quickly stressed that Uber had to change. "What we have here is not what will come to the next level," he said.
Since then, he has revolutionized the company's cultural norms, which now include maxims like "We do the right thing", in stark contrast to Kalanick's edict of "Always Be Hustlin". "He has done key schemes, including the CFO after three years without one. And he's set to rest some incredible crises, including a big lawsuit with Google's self-driving car model Waymo over the alleged stealing of trade secrets.
Under Khosrowshahi, Uber also reconsidered his "One of the potential hazards of our global strategy is that we take too many battles for many fronts and with too many competitors," he said last year.
A bad week to go public
 After the mad dash to revise his business and become public, Uber went into another problem: The week from hell.
On Sunday, President Trump surprised investors by threatening to impose higher tariffs on China in a tweet The market fluctuated wildly with a growing trade war between the United States and China.
On Tuesday, Lyft reported its first earnings report since it was published, as shown $ 1 billion in losses over the first three months of this year. The lifting stock continued its decline the following day.
At one time, Uber was anchored to succeed in fail. But as the closest proxy to Uber in the public market, Lyft's share price decline only made Uber's IPO pitch much more difficult.
Daniel Ives, an analyst with Wedbush, said in an investor note this week that Lyft's equity performance combined with wider market leaders, probably "caused Uber to look at a more conservative price range based on the demand for IPO."
And if all that wasn't enough, Uber and Lyft drivers hit many cities on Wednesday before the IPO. The drivers are looking for living income and job security at a time when Uber is likely to face greater investor pressure to find ways to move toward profitability.