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SR 1412 – Uber is Now More Valuable that GM & Twitter Combined!
Good afternoon, I’m still reporting on
Uber is Now More Valuable that GM & Twitter Combined!
Good morning, I’m still reporting on Uber.
I’m not a business reporter, however, this one little note on Bloomberg just floored me this morning.
Uber, the internet taxi service that is busily wiping out much of the taxicab industry worldwide - and in future years, will even wipe out Uber drivers as it moves to driverless Uber cars - is now one of the most valuable companies in the world.
Uber is a closely-held company based in San Francisco and so keeps much of its financial performance private. Although it is still a net loser of cash, its paper value is growing crazily.
In the first 3 quarters, Uber lost an eye-popping $2.2 billion+, according to an unnamed source. However, company revenue continues to skyrocket as it expands into other nations. It is on track to exceed $5.5 billion this year.
That makes Uber’s current market cap a stunning $69 billion, making it more valuable than General Motors and Twitter Inc. combined. The world’s richest corporation is Apple Computer with a market cap of $604 billion.
I’m still reporting from Washington. Good day.
Bill Still is a former newspaper editor and publisher. He has written for USA Today, The Saturday Evening Post, the Los Angeles Times Syndicate, OMNI magazine, and has also produced the syndicated radio program, Health News. He has written 22 books and two documentary videos and is the host of his wildly popular daily YouTube Channel the “Still Report”, the quintessential report on the economy and Washington.