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Under the hood on Zoom’s IPO, with founder and CEO Eric Yuan

Extra Crunch offers members the opportunity to tune into conference calls led and moderated by the TechCrunch writers you read every day. This week, TechCrunch’s Kate Clark sat down with Eric Yuan, the founder and CEO of video communications startup Zoom, to go behind the curtain on the company’s recent IPO process and its path to the public markets. Since hitting the trading desks just a few weeks ago, Zoom stock is up over 30%. But the Zoom’s path to becoming a Silicon Valley and Wall St...
Tags: Fundings & Exits, Startups, TC, Uber, Apps, Video, Enterprise, Finance, Ipo, Funding, Tech, Artificial Intelligence, Venture Capital, Virtual Reality, Silicon Valley, Augmented Reality


Employees at Uber's headquarters reportedly started drinking before 6 a.m. on the day of its IPO, and a party at another office was shut down

Partying at Uber's headquarters in San Francisco started at 5:30 a.m. on May 10, the day the company launched its initial public offering (IPO), The Washington Post's Faiz Siddiqui reported. San Francisco employees reportedly started drinking in the office during the morning and continued throughout the afternoon. The festivities in San Francisco led one employee to resign after what The Post described as "a verbal outburst and dispute with colleagues" and forced the company to stop another em...
Tags: Uber, Post, Eric Holder, California, Washington Post, Ipo, US, San Francisco, Trends, Travis Kalanick, Kalanick, Dara Khosrowshahi, Khosrowshahi, Faiz Siddiqui, Post Uber


Fastly pops in public offering showing that there’s still money for tech IPOs

Shares of Fastly, the service that’s used by websites to ensure that they can load faster, have popped in its first hours of trading on the New York Stock Exchange. The company, which priced its public offering at around $16 — the top of the estimated range for its public offering — have risen more than 50% since their debut on public markets to trade at $25.01. It’s a sharp contrast to the public offering last week from Uber, which is only just now scratching back to its initial offering pri...
Tags: Amazon, Fundings & Exits, Startups, TC, Verizon, Uber, Spotify, Internet, Finance, China, San Francisco, Tech, Cisco, Economy, New Relic, New York Times


Evidence is mounting that Uber and Lyft increase traffic congestion. But one startup thinks it has found a way to help — and it's already turning a profit (UBER, LYFT)

Uber and Lyft have come under fire for increasing congestion in cities.  They've also been criticized for classifying drivers as independent contractors, avoiding paying things like overtime and other benefits.  Circuit, an upstart ride-hailing firm is using both of those shortfalls to its own advantage.  Founder Alex Esposito told Business Insider about how the company's early days shuttling beach-goers from parking lots to sandy shores inspired a plethora of other possible markets.  It's ha...
Tags: Lyft, Uber, New York, New York City, US, Trends, Brooklyn, Circuit, Houston, Business Insider, Fort Lauderdale, Esposito, Alex Esposito, Schaller Consulting, Pitchbook data Circuit, San Diego Where


Amazon leads $575M investment in Deliveroo

Amazon is taking a slice of Europe’s food delivery market after the U.S. e-commerce giant led a $575 million investment in Deliveroo . First reported by Sky yesterday, the Series G round was confirmed in from Deliveroo, which confirmed that existing backers including T. Rowe Price, Fidelity Management and Research Company, and Greenoaks also took part. The deal takes Deliveroo to just over $1.5 billion raised to date. The company was valued at over $2 billion following its previous raise ...
Tags: Amazon, Fundings & Exits, Startups, Uber, Europe, London, Australia, France, Germany, Singapore, Funding, Spain, Taiwan, Companies, United States, United Kingdom


Amazon has invested in UK food delivery startup Deliveroo in a massive $575 million fundraise

Amazon has led a $575 million funding round in British food delivery startup Deliveroo. The news follows rumours that both Amazon and Uber were considering an acquisition of Deliveroo, a major rival to Uber Eats outside the US. The food delivery startup has raised $1.53 billion to date, making it one of the best-funded startups in Europe. Deliveroo was valued at $2 billion at its last fundraise. Amazon has taken a stake in British food delivery startup Deliveroo, acting as the main investor i...
Tags: Amazon, Uber, Hong Kong, UK, US, Trends, New York Stock Exchange, Uae, Deliveroo, Will Shu, Bloombeg, Doug Gurr Amazon, Europe Deliveroo, Samsung Galaxy Fold


China’s Luckin Coffee raises up to $651M in upsized US IPO

Another week, another cash-burning tech IPO in the U.S. , ambitious Chinese startup Luckin Coffee has raised up to $650.8 million on the Nasdaq after it priced its shares at $17. That price is at the top-end of Luckin’s previously announced $15-$17 range but the company has upsized its share offering to 33 million, that’s three million more than previously planned. That gives Luckin an initial net raise of $571.2 million, although that could increase to $650.8 million if underwriters take up th...
Tags: Uber, Asia, New York, Finance, China, US, Tech, United States, Starbucks, Carsharing, Initial Public Offering, Blackrock, Greenshoe, Luckin Coffee, Luckin, Extra Crunch


Rent The Runway CEO throws serious shade at profitless tech behemoths: 'I haven't been given the permission or privilege to lose a billion every quarter' (UBER, LYFT)

  In an interview with CNBC, Rent the Runway CEO Jennifer Hyman explained her approach to leading a business, stating, "I haven't been given the permission or privilege to lose a billion every quarter." Hyman's comments were seen as a dig at notoriously unprofitable companies like Uber and Lyft that raised significant funding before going public earlier this year with mixed results. Rent the Runway's most recent fundraising in March round pegged the company's valuation at $1 billion. But Rent...
Tags: Lyft, Uber, Trends, New York Times, Airbnb, Cnbc, Bain Capital Ventures, Runway, Hyman, Jennifer Hyman, Franklin Templeton Investments


Dara Khosrowshahi hasn't yet earned his $100 million-plus stock bonus for when Uber hits a $120 billion valuation — but there's still time for him to do it

Dara Khosrowshahi has a huge potential payout riding on Uber's post-IPO valuation hitting $120 billion and staying there for 90 consecutive days. He'd also get that payout for selling the company for $120 billion.  A source tells us his incentive is worth $100 million or more. Dara Khosrowshahi could have gotten a huge payday — totaling more than $100 million, according to a source — if Uber's IPO valuation hit $120 billion after its IPO and stayed at that level for 90 consecutive days. Even ...
Tags: Google, Uber, London, Southeast Asia, Trends, Cruise, Gm, Honda, PitchBook, Dara Khosrowshahi, Khosrowshahi, Waymo, Expedia Khosrowshahi


Uber scored a major victory when the US government ruled drivers aren't employees, but not everyone is happy (UBER)

An NLRB memo made public this week defines Uber drivers as independent contractors, not employees.  Uber has fought tooth-and-nail to keep drivers classified as such, to avoid paying things like overtime and other benefits.  We reached out to drivers to see how they feel about the news. Few were surprised, and many see it as yet another slight from the ride-hailing giant.  Uber drivers will officially be classified as independent contractors — not employees — by the United States government. ...
Tags: Lyft, Uber, Minneapolis, Virginia, US, San Francisco, Trends, Atlanta, Austin, David, United States, National Labor Relations Board, Nlrb, Douglas, Jamie, Reuters


Romania sets big fines for drivers of ride-hailing services

BUCHAREST, Romania (AP) — The Romanian government has issued an emergency decree ramping up steep fines for drivers of ride-hailing services like Uber and Taxify. The decree taking effect Thursday fines drivers transporting people in their car without a valid taxi license up to $1,175 (1,050 euros) already from the first offense. Previously, drivers were […]
Tags: Uber, Business, News, Nation, Romania, BUCHAREST Romania


OpenFin raises $17 million for its OS for finance

OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners. Likening itself to “the OS of finance”, OpenFin seeks to be the operating layer on w...
Tags: Apple, Google, Android, Fundings & Exits, Startups, Cloud, Uber, Apps, Enterprise, Developer, Finance, Funding, Tech, Bloomberg, Banking, Barclays


VMware is buying Bitnami, a hot developer startup that raised almost no venture capital investment, to boost its cloud strategy (VMW)

VMware is buying Bitnami, a San Francisco-based startup that makes pre-packaged software apps. The price of the deal was not disclosed. The Bitnami founders said they decided to sell after realizing that they would have had to raise venture capital cash to keep growing — the company had only raised a scant $1.1 million in seed funding, and thought that going after more investment capital would be risky.  Buying Bitnami boosts VMware's pursuit of a multi-cloud strategy. Visit Business Insider's...
Tags: Uber, Microsoft, San Francisco, Trends, Amazon Web Services, Vmware, Bitnami, Wedbush, Pat Gelsinger, Erica Brescia, Heptio, Daniel Lopez, Dan Ives, Shekar Ayyar, WeWork However, Gelsinger Co


Wall Street's infatuation with Uber is ending — and one analyst says its stock no longer deserves a premium over Lyft (UBER, LYFT)

Uber's stock price no longer deserves a premium multiple to Lyft, Tom White of D.A. Davidson told clients Wednesday.  As analysts lower some of their ride-hailing estimates, White is questioning the very business model for companies like Uber and Lyft, which have yet to turn a profit and might never.  Uber has levers to pull to boost cash flow, but White worries those same tools could effectively shrink the companies addressable market.  Uber and Lyft have struggled to find their footing as p...
Tags: Lyft, Uber, US, Trends, White, Davidson, Tom White, Uber and Lyft, Lyft Tom White of D A Davidson, Lyft White


What Uber and Lyft’s investment bankers got right

Startup CEOs heading to the public markets have a love/hate relationship with their investment bankers. On one hand, they are helpful in introducing a company to a wide range of asset managers who will hopefully hold their company’s stock for the long term, reducing price volatility and by extension, employee churn. On the other hand, they are flagrantly expensive, costing millions of dollars in underwriting fees and related expenses. Worse, the advice one gets from investment bankers tends to b...
Tags: Fundings & Exits, Startups, Transportation, Lyft, Uber, Finance, Ipo, Silicon Valley, Investment Banking


A former Somali army commander accused of war crimes has been working as an Uber driver in Virginia

A former Somali military chief got a job driving for services like Uber and Lyft, despite allegations that he committed manifold war crimes in the 1980s. Yusuf Abdi Ali was publicly accused of torture and burning civilians alive as a general under the regime of dictator Siad Barre. Ali says that the allegations that he is a war criminal are "totally baseless." A man told Canada's CBC network in 1992 that he watched Ali kill his brother by tying him to his military vehicle and driving off, whic...
Tags: Lyft, Uber, Virginia, New York City, US, Trends, Cnn, Canada, Somalia, Nissan, Ali, Cbc, Alexandria Virginia, Warfaa, Yusuf Abdi Ali, Virginia Ali


Money Moves: Beyoncé is $300 Million Richer Thanks to a Deal With Uber

Thanks to a very strategic deal Beyoncé made with Uber a number of years ago, Mrs. Carter-Knowles is now $300 million richer after the company went public and filed for one of the biggest tech IPOs in several years.Back in 2015, Beyoncé was offered $6 million to perform for a corporate Uber event in Los Angeles. But instead of taking cash, Queen Bey asked to be paid in equity, and now her Uber stock is worth $300 million.So, in other words, Beyoncé just made $300 million from a 30-60 minute perf...
Tags: Uber, Business, Celebs, Beyonce, Los Angeles, Tech, Netflix, Big Money, Pop Culture, Leonardo Dicaprio, Jazz, Stocks, Coachella, Ashton Kutcher, New York Stock Exchange, Bey


India’s ride-hailing firm Ola is now in the credit card business, too

A day after India’s largest wallet app Paytm entered the credit cards business, local ride-hailing giant is following suit. Ola has inked a deal with state-run SBI bank and Visa to issue as many as 10 million credit cards in next three and a half years, it said today. The move will help Visa and SBI bank acquire more customers in India, where most transactions are still bandied out over cash. For Ola, which rivals Uber in India, foray into cards business represents a new avenue to monetize...
Tags: Startups, Mobile, Uber, Asia, Finance, India, Softbank, Tech, Payments, Hyundai, Kia, UPI, Ola, Naspers, Visa, Paytm


Quiet please! Uber offers a silent mode so you don’t have to chat

Don't feel like chatting to your Uber driver but find it hard to say? That's no longer a problem for users of Uber's premium service as the app now lets you inform the driver ahead of arrival. The post Quiet please! Uber offers a silent mode so you don’t have to chat appeared first on Digital Trends.
Tags: Mobile, Uber, News, Cars, Trends, Uber app, Don, Uber Black


Mark Cuban slams Silicon Valley VCs over Uber's awful IPO and says it could be a wake up call for Valley employees (UBER, LYFT)

Mark Cuban says that Uber's IPO is a warning sign for Silicon Valley that the whole unicorn thing wasn't a good plan. Uber, he says, "isn't a growth company" making its stock a hard sell to investors looking at its losses and mounting debt. He blames the VCs, who coached CEOs to wait too long before going public. He suggests that late-stage startups recruiting employees might have a harder time of it. Visit Business Insider's homepage for more stories. Uber's IPO was a flop, even though thei...
Tags: Amazon, Lyft, Uber, Softbank, Trends, Silicon Valley, Cnbc, Valley, Troy Wolverton, Uber Lyft, Dara Khosrowshahi, Marc Cuban, Austin Geidt, Pinterest Lyft Uber


Uber's underwriters were so worried about its IPO that they reportedly executed a 'naked short' to support the stock — and it still didn't work (UBER)

Uber's underwriters were so concerned about the ride-hailing giant's stock-market debut that they deployed a rare tactic to support the stock called a "naked short," CNBC reported on Tuesday. The strategy sought to prevent large losses, but shares have slumped 15% since last week's initial public offering. Watch Uber trade live. The underwriters leading Uber's initial public offering were so concerned about the ride-hailing giant's stock-market debut that they deployed a rare tactic called a...
Tags: Uber, China, Ipo, US, Trends, Deutsche Bank, University of Florida, Donald Trump, Morgan Stanley, Cnbc, Securities And Exchange Commission, Morgan Stanley Goldman Sachs, US China, Winterfell, Arya, Goldman Sachs RBC Capital Markets


Federal labor lawyer says Uber drivers are not employees

There has been an ongoing debate regarding whether or not gig-economy drivers for Uber and Lyft are independent contractors or employees, who would be eligible for benefits. The National Labor Relations Board recently ruled Uber drivers, specifically between 2015 and 2016, were independent contractors, Bloomberg Law first reported. “Drivers’ virtually complete control of their cars, work schedules, and log-in locations, together with their freedom to work for competitors of Uber, provided th...
Tags: Startups, Transportation, Lyft, Uber, Ipo, San Francisco, National Labor Relations Board, Nlrb, Gig Economy, Nyse, Department of Labor, Bloomberg Law


Lyft's electric Citi Bikes in New York will be offline until the fall (LYFT)

Lyft pulled 1,000 electric bikes from its Citi Bikes fleet in New York in March after some users were injured by a brake malfunction.  Those pedal assist models won't be returning until at least September, the company confirmed Tuesday. A Lyft spokesperson declined to give a timeline for other cities where electric bikes operate, like San Francisco.  Visit Business Insider's homepage for more stories. Lyft's pledge to expand its fleet of electric pedal-assist bikes in New York's Citi Bike f...
Tags: Facebook, Lyft, Uber, New York, Singapore, New York City, US, San Francisco, Trends, Citi Bike, Changi Airport, Citi Bikes, Streetsblog, Streetsblog NYC, Chicago San Francisco Washington


Lyft's electric Citi Bikes in New York will reportedly be offline until at least September (LYFT)

Lyft pulled 1,000 electric bikes from its Citi Bikes fleet in New York in March after some users were injured due to a brake malfunction.  Those pedal assist models won't be returning until at least September, the company told Streetsblog NYC on Monday.  It's not clear if similar e-bike models in other cities where Lyft operates will also return by September.  Lyft was not immediately available for comment.  Visit Business Insider's homepage for more stories. Lyft's pledge to expand its fleet...
Tags: Facebook, Lyft, Uber, New York, Singapore, New York City, US, Trends, Citi Bike, Changi Airport, Citi Bikes, Streetsblog, Streetsblog NYC, Chicago San Francisco Washington


India’s largest mobile wallet company Paytm now offers a credit card

Paytm, India’s largest mobile wallet app, has branched out to several businesses in recent years as threat from Google and Facebook grows. On Tuesday, it added another category to the list: credit cards. The firm, operated by One97 Communications, today unveiled Paytm First Credit Card with lofty benefits as it races to bulk up its financial offerings. The cards, issued by Citi Bank, will be the first in the country to offer unlimited, one percent cashback on purchases, Paytm claimed in a sta...
Tags: Google, Google Play Store, Mobile, Facebook, Uber, Asia, Finance, India, Softbank, Tech, Alibaba, Berkshire Hathaway, Warren Buffett, Payments, Zomato, Citibank


Uber's CEO sent an email to employees addressing its disastrous IPO, drawing on Amazon's and Facebook's rough starts (UBER)

Uber CEO Dara Khosrowshahi sent an email to employees on Monday, addressing the ride-hailing giant's brutal stock-market debut. He noted that while the market has so far punished Uber's newly minted shares, employees should be mindful that its early post-initial-public-offering trading won't necessarily give way to long-term issues. Khosrowshahi pointed to Facebook — which in 2012 saw the biggest first-month decline of any large US-listed IPO in history — and Amazon. Watch Uber trade live. U...
Tags: Amazon, Facebook, Uber, China, Ipo, US, Trends, New York Times, Silicon Valley, University of Florida, Mike Isaac, China Stocks, Isaac, Dara Khosrowshahi, Khosrowshahi, Jay Ritter


Tech stocks tumble as China retaliates in latest salvo of the trade war

Shares of technology companies were hit hard as China retaliated against the U.S. in the latest salvo of the ongoing trade war between the two countries. The S&P 500 Index shed roughly $1.1 trillion of value while the Dow Jones Industrial Average and the Nasdaq Composite Index fell 2.38% and 3.41%, respectively. On Monday, China responded in equal measure to the U.S. raising tariffs on imports to 25% by imposing 25% duties on some $60 billion of U.S. exports to the country. On June 1, Beijing wi...
Tags: Apple, Amazon, TC, Facebook, Uber, Business, Technology, Congress, China, Tech, Economy, Netflix, Beijing, United States, Stock Market, Donald Trump


Uber isn't screwed. There are a ton of ways it could become a profitable monster (UBER)

Uber's much-anticipated IPO was a bust, and that's brought out plenty of Wall Street haters. Uber could dive into plenty of new lines of business in search of profits. Short-term, its biggest advantage is its size — and the pricing power that comes with market dominance. Uber is a monster. Now it needs to act like it. Visit Business Insider's homepage for more stories. Uber's unimpressive IPO shouldn't have surprised anyone. Lyft's share price had already tanked following its debut on the pub...
Tags: Amazon, Facebook, Lyft, Uber, Ipo, US, Trends, Jeff Bezos, New York Stock Exchange, Kalanick, Travis, US China, Columbia Business School, Khosrowshahi, Waymo, Evan Rawley


Uber, Down $14 Billion Since Friday, May Drop Even Further

Outpacing the New York Stock Exchange’s losses on another rocky day of trading, Uber’s disappointing IPO is becoming disastrous, falling an additional 10.8 percent in its second day as a public company.Read more...
Tags: Uber, Science, Finance, New York Stock Exchange, Nyse



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