TOBY SHAPSHAK: Uber heads for mega listing
It will be the biggest IPO this year, but questions remain around profitability and the way the company treats its drivers
The most astounding thing about Uber’s long-awaited announcement of its listing is not its expected $100bn valuation, but the admission that it "may not achieve profitability". For years the ride-sharing service was the world’s most valuable start-up, and the poster child of the gig economy. But the 10-year-old company has been beset by problems, from its toxic "tech bro" culture and sexual harassment of female employees to misgivings about its corporate governance. It had special software to thwart law enforcement agencies from catching rides (called Greyball), while employees could track individual users. Co-founder and CEO Travis Kalanick was forced to resign after a video of his rant with an Uber driver went viral. New CEO Dara Khosrowshahi has tried to reform all of that and convince investors it’s a different company which, like other loss-making tech giants, will become profitable after the floating. Its $100bn valuation means it’s worth more than General Motors and Ford comb...
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