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Reddit is now a publicly traded company
Reddit is now a publicly traded company, 19 years after it first went live. It aimed to raise around $631 million in its IPO on the New York Stock Exchange.
ARM registers for US initial public offering
ARM registered for US stock market listing on Saturday, setting the stage for the most important IPOs in recent memory.
Intel-owned autonomous driving tech company Mobileye files for an IPO
Intel previously said that it's using some of the funds it earns from the IPO to build new chip factories.
Report suggests NVIDIA is preparing to walk away from its ARM acquisition
NVIDIA has reportedly made little to no progress in gaining regulatory approval for its purchase of ARM and is privately preparing to abandon the dea.
Reddit files with the SEC to go public
Reddit has taken a big step towards going public.
China will tighten data privacy rules for tech companies seeking foreign investment
China is to introduce tougher data privacy rules for tech companies seeking stock market listings overseas.
Discord reportedly won't sell itself to Microsoft (or anyone else)
The chat service was said to be in talks with Microsoft for a deal worth at least $10 billion.
Vizio tries to go public, five years after its messy first attempt
You know what they say: If at first you don’t succeed at getting listed on the New York Stock Exchange because you made plans to merge with a massive Chinese streaming media company that bailed on you and its plans to expand into the US, try, try again. And that’s exactly what Vizio, one of the biggest TV brands in the US, plans to do.
Vizio revives its plan to go public
Vizio has revived its plans to go public more than five years after its first attempt at an IPO.
Lucid Motors is going public before it starts selling EVs
Lucid Motors will go public via a merger before it sells its first electric car, setting the company's value at more than $11 billion.
23andMe is going public as it pushes further into healthcare
23andMe is becoming a publicly-traded company through a merger with VG Acquisition, taking the DNA testing firm further into healthcare and research.
Faraday Future founder files for Chapter 11 bankruptcy
Faraday Future founder Jia Yueting has filed for Chapter 11 bankruptcy in a bid to settle his exorbitant personal debts. The move is part of a larger recovery plan, and it's meant, in part, to regain credibility for Faraday Future. Though there's no guarantee that it will help.
Uber's IPO went off amid outcry over labor conditions and wages
Uber's much-anticipated IPO happened this morning, with shares hitting the New York Stock Exchange under the symbol UBER. The IPO raised $8.1 billion, with shares set at $45 and the company valued at $82.4 billion. This comes amid outcry over Uber's low driver wages and a $1.1 billion profit loss in the first three months of 2019. According to The New York Times, the IPO was "less lofty" than expected.
Uber's self-driving unit gets its own CEO and a $1 billion investment
As Uber finally closes in on its IPO, its self-driving car unit is getting a big cash infusion and some independence. The company announced tonight that Toyota, Denso and Softbank are investing a total of $1 billion in its Advanced Technologies Group (Uber ATG), in a deal that values that part of the company at $7.25 billion. This adds onto Toyota's $500 million investment last year, which the two said would lead to the creation of an autonomous fleet based on Toyota's Sienna minivan. So far, many of the big car companies are teaming up to develop autonomous tech combined with ridesharing angles as it's expected to be a huge market in the next few years. According to Uber CEO Dara Khosrowshahi, "The development of automated driving technology will transform transportation as we know it, making our streets safer and our cities more livable. Today's announcement, along with our ongoing OEM and supplier relationships, will help maintain Uber's position at the forefront of that transformation." In the statement Toyota EVP Shigeki Tomoyama said "Leveraging the strengths of Uber ATG's autonomous vehicle technology and service network and the Toyota Group's vehicle control system technology, mass-production capability, and advanced safety support systems, such as Toyota Guardian™, will enable us to commercialize safer, lower cost automated ridesharing vehicles and services." The deal won't close until Q3, which should be well after Uber's initial public offering that's on track to occur in May. It's also being announced after Arizona prosecutors announced they did not find the company criminally liable for a 2018 self-driving car crash that killed a pedestrian. The deal makes Uber ATG its own corporate entity that's controlled by Uber. Reuters reports that it has ATG head Eric Meyhofer as CEO reporting to a newly-formed board of directors, with six appointed by Uber, one by Toyota and one by Softbank.
Uber files for its IPO and faces the past
Ten years after the company was founded, Uber is finally ready to go public. The company revealed its S-1 filing for an IPO this afternoon, and as such opened up more information to everyone about its finances and concerns going forward. Going through the document, a lot of those concerns involve the past, particularly in 2017 when a series of revelations about its corporate culture, treatment of drivers and passengers, and other misdeeds resulted in the exit of CEO Brian Kalanick. According to Uber, it has some 91 million monthly active users who've either taken a ride or received an Uber Eats delivery. That number came from Q4 of 2018, and is up 35 percent from the previous year, with some 3.9 million drivers, and 1.5 billion trips in the quarter. Uber also gave some insight on its self-driving car plans, saying "Along the way to a potential future autonomous vehicle world, we believe that there will be a long period of hybrid autonomy, in which autonomous vehicles will be deployed gradually against specific use cases while Drivers continue to serve most consumer demand." As usual for an S-1, the list of risks acknowledges everything that could go wrong for the company including increased regulation, drop in reputation or falling behind competitors. For Uber that includes not just the seedier aspects of its past mentioned above, but also the issue of how to try and achieve profitability while maintaining prices customers have come to expect and compensation that works for drivers. This is expected to be one of the biggest tech IPOs ever, and comes just a month after its main competitor Lyft listed its shares on the open market, revealing over 30 million riders and just under two million drivers.
Lyft officially files to go public
Lyft has revealed its financial details for the first time as it prepares for an initial public offering. Like rival Uber, it first filed the paperwork confidentially in December, and now its S-1 is public through the Securities and Exchange Commission. Lyft lost $911 million in 2018, but doubled revenue to $2.1 billion from 2017. It had $8.1 billion in bookings over the year, up from $4.6 billion in 2017. Lyft didn't state how much it's looking to raise in the IPO -- it left a placeholder figure of $100 million in the filing. It plans to go public on Nasdaq under the "LYFT" ticket symbol.
Just like Lyft, Uber has confidentially filed for its IPO
On Thursday we learned Lyft filed papers for an initial public offering set to take place in 2019, and Friday evening some "people familiar with its plans" said the same to the Wall Street Journal about ride-hailing rival Uber. According to the New York Times, Uber also filed its paperwork with the SEC on Thursday, setting the stage for both companies to compete over who can get their shares on the market first. Ever since replacing Travis Kalanick last year, getting the company through its IPO has been a major consideration for CEO Dara Khosrowshahi, and this news means it could happen sooner than previously-anticipated, moving it from mid- or late 2019 to the first quarter of the year. These transportation apps have seen some of the biggest growth lately, but they're not the only tech companies preparing to go public, with others like Slack and Airbnb potentially in line. The companies have similar incentives with employees and investors alike waiting to cash in, amid worries of a possible recession and the issue that both are reportedly unprofitable. Bankers have apparently estimated Uber's IPO value at $120 billion, well above the $72 billion estimate from its last round of funding so you can see why they would want to strike.
Lyft may become a public company before Uber
Lyft is smaller than Uber, but it might just one-up its rival on the stock market and provide some fiercer competition. Wall Street Journal sources have learned that Lyft has filed documents with the SEC for its expected initial public stock offering, and hopes to sell shares in March or April. While Uber has long talked about an IPO, it has been targeting a debut in the second half of 2019. There could be a few months where Lyft is your only major choice if you want to invest in an American ridesharing company.
Uber lost over $1 billion in Q3 as it closes in on an IPO
Uber, according to its self-reported financials, said it lost (on a GAAP basis) $1.07 billion as it continues to invest in new areas, such as bicycles, scooters and freight shipments. The company is still growing however, as revenue rose 38 percent from a year ago to $2.95 billion. Albeit, those gains are down 51 percent from the previous quarter, meaning that overall the speed of growth is slightly down. Uber earned $12.7 billion from gross bookings, or the money it makes after paying commissions to drivers and delivery people, which is up 34 percent from the previous year.
Uber fills CFO position that has been vacant for three years
Uber has selected a new CFO, finally filling a role that has been vacant since 2015. The company has hired Nelson Chai for the position, a former Merrill Lynch CFO and most recently the CEO of insurance firm The Warranty Group. "I'm incredibly excited to bring on someone as experienced and thoughtful as Nelson," Uber CEO Dara Khosrowshahi said in a statement. "He will be a great partner for me and the entire management team as we move towards becoming a public company."
