Uber made its Wall Street debut on Friday, starting with an eye-popping $82bn (about R1.16-trillion) valuation in a milestone for the ride-hailing industry amid lingering doubts about its business model. CEO Dara Khosrowshahi and an Uber team rang the opening bell of the New York Stock Exchange after Uber raised $8.1bn in its IPO, which was among the largest yet for a tech company. Despite the staggering valuation, Uber dialled back some of its earlier ambitions for a value exceeding $100bn after a rocky start for US ride-share rival Lyft, which went public in March. Though Uber has lost billions since launching its first rides in 2011 in San Francisco, it aims to develop a global brand to transform local transportation and eliminate the need for individual car ownership. Whether Uber can drive to profitability using this model as it disrupts traditional taxi and transport services is a key question. "For the ride-sharing companies, their IPOs are only the beginning," said Matt Kenn...

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