Wow. WeWork is not just a case study of how not to do an initial public offering (IPO), but of how not to run a business.
Browsing: IPO
The year of the tech IPO is 2019. Uber went public on May 10 with a US$82.4 billion valuation. Fellow ride-sharing app Lyft floated in March with a U$24 billion valuation and Pinterest had a US$10 billion IPO in April. More big names – including Slack, Airbnb, WeWork and Palantir – are set to follow.
Uber’s upcoming initial public offering may be one of the biggest in history, with the ride-hailing company expected to raise up to US$9 billion.
That’s good news for its early investors and executives, who could reap $1.3 billion from the IPO.
For the potentially hundreds of thousands of drivers who do it as their largest or main source of income? Not so much. That may be why some of them plan to go on strike in seven U.S. cities for 12 hours on May 8.