An IPO of $ 120 billion was expected from Uber. Now the capitalization is $ 60 billion. What went wrong?

The American company Uber, until recently, was the most expensive startup in history. The valuation exceeded a whopping $ 76 billion. And at the end of 2018, when the IPO was in full swing, the potential value of the company appeared on the network with an initial public offering of $ 120 billion. Rumors did not become a reality. In May 2019, Uber entered an IPO with an estimate of $ 82 billion, the next two days the company lost $ 20 billion in capitalization and at the time of preparing the material is estimated at $ 62 billion. Many investors lost money. What is the reason?

Uber needed money to grow quickly. And not a little. Since its founding in 2009 by Travis Kalanik, the startup has attracted more than $ 24 billion in investments and loans from more than 160 investors. One of the largest investors was the Vision Fund from the Japanese company SoftBank. In 2017, the company invested $ 7.7 billion with a business valuation of $ 48 billion.

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The main source of revenue for the company is the Uber car ordering service. The service is available in 700 cities in 65 countries around the world.

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