35.80 +0.58 (1.65%)
Pre-Market: 8:21AM EDT
|Bid||35.26 x 1800|
|Ask||35.47 x 2200|
|Day's Range||33.40 - 35.48|
|52 Week Range||32.92 - 47.08|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||51.47|
Uber appointed a new boss for Britain and Ireland on Monday just over a month before its licence expires in London, one of its most important global markets where the regulator has previously stripped it of its right to operate. Transport for London (TfL) rejected the Silicon Valley company's licence renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting court action. Melinda Roylett, former head of Europe at digital payment company Square, begins her new role at Uber on Monday, replacing Tom Elvidge, who moved to co-working space company WeWork earlier this year.
WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.
(Bloomberg) -- Some early investors in the ride-hailing company Lyft Inc., one of the most anticipated yet disappointing IPOs of the year, will get their first opportunity to sell shares on Monday.The lockup expiry was brought ahead from Sept. 24, as the original date would have fallen within Lyft’s blackout period ahead of third-quarter earnings.Lyft estimated that about 258 million Class A shares may become eligible for sale at the market open on Aug. 19. The company had 280 million Class A shares outstanding as of July 31, according to Bloomberg data. Including Class B shares, equity award plans and restricted stock units, the total diluted number of shares stood at about 341.5 million. The company’s shares gained as much as 1.8% in New York on Friday.In a report published after Lyft’s earnings on Aug. 7, DA Davidson analyst Tom White said the company’s co-founders Logan Green and John Zimmer will not be selling shares at the time of the lockup expiry.Lyft’s latest quarterly results, which surpassed expectations, outshone larger rival Uber Technologies Inc., which reported a “messy” quarter, analysts said. Lyft shares have fallen 12% since reporting earnings on Aug. 7, while Uber shares have dropped 20% since reporting its earnings a day later.(Adds details in third paragraph, updates shares in fourth paragraph.)To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jimmy John's is doubling down on its "freaky fast" delivery promise — and is refusing to work with food delivery giants like GrubHub, Uber Eats, and Postmates.
LOS ANGELES, CA / ACCESSWIRE / August 15, 2019 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Uber Technologies, ...
(Bloomberg Opinion) -- I confided to a colleague that the WeWork Cos. IPO filing on Wednesday reminded me of a lower-stakes Mueller report. Truly.It was good for WeWork, as it was for President Donald Trump, that the public had a chance over years to process in small doses the wild events described in those very different tomes.Without the history of WeWork reporting from Bloomberg’s Ellen Huet and many others, it would have been stunning to see for the first time the massive growth and losses of an office-leasing company on steroids, its Russian-nesting-doll corporate structure, the string of WeWork’s eyebrow-raising financial arrangements with its CEO, the company’s outlandish mission statements and its history of questionable spending and investments.We had time to digest WeWork in all its WeWork-iness, and for the shock to settle in.Let’s be clear, though: This company is profoundly shocking, and odd. It is at once perhaps the most controversial member of the last decade’s “unicorn” era of richly valued startups, and the one that perfectly encapsulates this moment in financial history. WeWork is so unicorn, it hurts.Historically, brand new tech companies tended to follow an established pattern. They created something or found ways to make a niche product accessible to the masses. The pioneers of Silicon Valley created computer chips first for government or military purposes and then for more widely useful equipment such as radios and smartphones. Bill Gates and others made computers useful and cheap enough for everyone. Google made software that organized the sprawling digital world. For the most part, these companies were treading on terra incognita. The big change in the last decade was that new companies started busting into established industries with the aid of unprecedented amounts of cash, at least a little technology and a spin on a conventional strategy.Uber Technologies Inc., Lyft Inc. and others took the idea of matching people with drivers for hire and added the twist of letting just about anyone become an ersatz professional driver. A boatload of companies are creating brands of sneakers, mattresses and luggage and trying to cut out the retail store middlemen. Young companies are buying houses for resale as a replacement for the inefficient home-buying process. Technology changes make all these ideas possible, although in many cases tech isn’t the point of differentiation. What’s new is the freedom, and mountains of cash from outside investors, to try shaking up old ways of doing things. It doesn’t usually matter if businesses are run on the knife’s edge of irrational in the short term, or if corporate conventions are cast aside, as long as the opportunity is big enough.WeWork’s “superpower,” to use a term apparently favored by its CEO, is taking those hallmarks from the unicorn era to their absolute extreme. It rents office space under long-term contracts, gussies it up and charges a markup for flexible, shorter-term rentals. It’s not a new idea, but WeWork does this to the max, to the point where its revenue barely exceeds its basic expenses to serve tenants. At the same time, it is lavishing cash on buying buildings and expanding into every country it can. Adam Neumann, WeWork’s co-founder and CEO, once said his company’s valuation was based on “energy and spirituality,” but the mystics won’t help pay the $47 billion in cold cash that WeWork owes its landlords in coming years.WeWork also takes up a notch the Silicon Valley habit of empowering founder-CEOs. Neumann runs the company, controls it through a special type of stock, has leased to the company several buildings he has owned, borrowed hundreds of millions of dollars backed in part by WeWork shares, seems to be lowering his taxes through a recent WeWork reorganization, and his wife will have a significant say in his successor if he dies or is incapacitated. Take that, Mark Zuckerberg. WeWork, Uber, Airbnb Inc. and other young companies founded in the last decade or so have absolutely helped shift what people and businesses expect of their products and services and forced every conventional industry to change what it does or risk death. The unicorn disruption is real and mostly healthy, although it remains unclear how many of the unicorns will thrive beyond the shake-ups they sparked. WeWork is the inevitable outcome of the last decade of technology and financial development. The unicorn era could only have led to this. A version of this column originally appeared in Bloomberg’s Fully Charged technology newsletter. You can sign up here.To contact the author of this story: Shira Ovide at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Uber stock hit a new all-time low yesterday. It slid another 6.8% to close at $33.96, indicating a decline of 24% for the stock since its IPO.
The buyout is expected to expand Accenture's (ACN) position as one of the leading experience agencies in the rapidly growing Latin American market.
(Bloomberg) -- Adam Neumann is more than a founder and chief executive at WeWork. He’s also a landlord, a seller of intellectual property and a financial borrower.The business relationships involving Neumann and his family were disclosed in a registration document Wednesday for an initial public offering, expected to be the largest of the year after Uber Technologies Inc. They show an interdependence that runs deeper than most entrepreneurs to their creations and one that raises concerns among prospective shareholders.“As an investor, why would you be willing to put your confidence in this structure?” said Charles Elson, a corporate governance professor at the University of Delaware. “You have very few options if something goes wrong.”Neumann, 40, has long been a polarizing figure. Many are drawn to his bold vision for the company, often expressed in high-minded phrases. Its mission statement, for example, is to “elevate the world’s consciousness.” He is also dogged by criticism over previously reported transactions. In particular, Neumann owns several commercial properties that he leased to WeWork, and he has sold significant amounts of his equity ahead of the public stock offering.The IPO filing details many more instances and indicates that Neumann, who chairs the company’s all-male board, remains the central figure at WeWork. The name Adam appears 169 times in the financial prospectus, far more than any other. The company wrote in the filing that it provided the disclosures to “avoid the appearance of any conflict of interest.” A spokesman for WeWork declined to comment.In 2016, Neumann borrowed $7 million from WeWork at a generous annual interest rate of 0.64%. Neumann paid it back early, in November 2017, with about $100,000 in interest. It was one of several times Neumann borrowed company money. “From time to time over the past several years, we made loans directly to Adam or his affiliated entities,” WeWork wrote in the filing.Neumann took out a much bigger loan from WeWork a few months ago. The company lent him $362 million in April at 2.89% interest to help him exercise options to buy stock. This month, Neumann repaid the debt by surrendering the shares back to the company. It’s not clear from the filing why these transactions happened.The business is, in some respects, a family affair. Rebekah Neumann, the CEO’s wife and a cousin of Gwyneth Paltrow, is listed as a founder, chief brand and impact officer of WeWork and founder and CEO of WeGrow, a corporate project to build and run private elementary schools. She was also among those behind a proposal this summer to hire Martin Scorsese to direct promotional videos for WeWork, Bloomberg reported last week.Avi Yehiel, Neumann’s brother-in-law and a former professional soccer player in Israel, has served as WeWork’s head of wellness since 2017. He receives a salary of less than $200,000, according to the prospectus. WeWork hired another one of Neumann’s immediate family members to host eight events last year for a total of less than $200,000, the filing said. The events coincided with the Creator Awards, a live pitch competition with celebrity judges hosted by WeWork. The company said it spent more than $40 million on the show in 2017 and 2018. In March, WeWork brokered a deal with its largest shareholder, SoftBank Group Corp., in which the Japanese conglomerate agreed to reimburse the company $80 million to cover costs associated with the Creator Awards.Early this year, WeWork unveiled its new corporate brand: We Co. It then sought to acquire the trademark to “we.” The name was owned by We Holdings LLC, which manages some of the founders’ stock and other assets. WeWork said it paid the founders’ company $5.9 million for “we” this year, based on a valuation determined by a third-party appraisal. WeWork legally changed the company name last month.WeWork also disclosed details on the widely scrutinized rental arrangements with Neumann. The company said Neumann owns four properties that count WeWork as a tenant. For one building, the company entered a lease within a year of Neumann acquiring his ownership stake. For the other three, it signed a lease on the same day the co-founder obtained his stakes.In the first half of the year, WeWork made cash payments to landlord entities affiliated with Neumann totaling $4.2 million. Those lease commitments had future minimum payments of $237 million, which represented 0.5% of the company’s total commitments. Neumann didn’t extend discounts to his company, WeWork said.Bloomberg Businessweek reported in May that WeWork was raising a $2.9 billion fund called ARK that would purchase buildings, including those owned by Neumann. The CEO said he would sell the properties WeWork wants for the same price he originally paid. The company called attention to this in the IPO filing, describing it as a mechanism for an “orderly transition” of these properties that ensures WeWork gets favorable treatment in the transfer of the assets. WeWork said it owns 80% of ARK, which also counts Canada’s Ivanhoe Cambridge Inc. as an investor. Neumann committed to not buying any more buildings for WeWork to occupy.Neumann is the most powerful shareholder at WeWork, thanks to three classes of stock with different voting rights. Neither Neumann nor his wife takes a salary from WeWork, and the CEO wouldn’t be entitled to severance if he left, according to the IPO paperwork.WeWork said it has no employment agreement in place with Neumann. The company would create a committee to select a new CEO if Neumann were to die or become “permanently disabled” over the next decade, the filing said. His wife would be one of three members of the committee.One flaw in the succession plan, as outlined in the prospectus, is that it doesn’t account for a marital rift, said Elson, the professor. “What if there’s a dispute between them?” he said. “The company is stuck.”(Updates with additional details about a recent loan in the seventh paragraph.)\--With assistance from Gillian Tan, Sonali Basak, Eric Newcomer and Anders Melin.To contact the reporter on this story: Ellen Huet in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Kathleen Smith, Renaissance Capital Manager of IPO ETFS, talks to Yahoo Finance’s On The Move about the upcoming WeWork IPO.
LOS ANGELES, CA / ACCESSWIRE / August 14, 2019 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Uber Technologies, ...
WeWork parent The We Company shares some unflattering financial characteristics with Lyft that were revealed in its prospectus this week and could damp appetite for the IPO. That's according to IPO Edge Editor-in-Chief John Jannarone, who spoke to Cheddar TV about the workspace company's deepening losses and poor corporate governance. After reviewing the filing with […]
During the first six months of 2019, WeWork’s revenues and losses from operations almost doubled compared to the same period in 2018.
If you heard that Lyft had a monster quarter and Uber a dud last week, you may be surprised to learn that both stocks traded essentially flat for the week. It won't always be that way.
Aug.15 -- Southeast Asian ride hailing company Grab co-founders Anthony Tan and Hooi Ling Tan talk about how they bought Uber's ride-sharing business in Southeast Asia. They talk to Emily Chang on "Bloomberg Studio 1.0."