Two years ago, Uber was nearly wrecked by accusations of sexism and harassment, a negative investigation into its workplace culture and the departure of nearly all of its C-suite.
Now, it’s graceful to make its Wall Street introduction.
Uber is likely to file paperwork as soon as Thursday in what is likely to be one of the biggest public offerings ever for a technology company. The IPO tops off Uber’s rapid and very public effort to renovate its internal culture and move past a long list of scandals that overturned the company. But as it prepares to go public, Uber continues to face challenges.
The company lost USD 1.8 billion in 2018, a record sum for a company about to go public. Lyft (LYFT), its chief rival, grew market share among Uber’s blunders. And Uber, as well as Lyft, faces ongoing inquiry over safety and the steps it is taking to protect passengers.
What’s more, Lyft, the closest proxy to Uber on the stock market, quickly fell below its IPO price after going public last month. Lyft’s shares hit a new low this week, rising concerns for the charge of unicorns Silicon Valley shorthand for startups valued at USD 1 billion or more — looking to go public this year.