Ride-sharing app Uber on Thursday quietly filed paperwork for an initial public offering (IPO), The Wall Street Journal and Reuters reported Friday evening, citing people familiar with the situation.
Rival app Lyft announced its own IPO filing Thursday, and the two companies are expected to race each other to the investment market. Both have attracted billions in venture capital support, though Uber's haul of about $20 billion is four times larger than Lyft's backing. Uber also controls a larger portion of the ride share market.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The best new music of 2024 by genreThe Week Recommends Outstanding albums, from pop to electro and classical
-
Nine best TV shows of 2024 to binge this ChristmasThe Week Recommends From Baby Reindeer and Slow Horses to Rivals and Shogun, here are the critics' favourites
-
Crossword: December 28, 2024The Week's daily crossword puzzle
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
