Name: Uber’s market value has just reached an all-time high
Brand: qz.com
SKU: qz-com-50
Availability: OnlineOnly

critic

Uber’s market value has just reached an all-time high

preview

By Reporter based in New YorkPublished November 6, 2020Who’s winning election week in the United States? Uber.First, on Nov. 3, voters in California agreed to exempt gig companies from a new state labor law that . And now the company’s market capitalization has reached $78 billion, surpassing the $75 billion valuation when the company went public in May 2019, according to PitchBook data.Shares of the ride-hailing giant are currently up 7% to $45.11 a share, topping the company’s initial public offering price of $45.Though you still would have been better off in the S&amp;P 500 index if measuring from the IPO date, Uber’s stock is now up 49% year-to-date while the S&amp;P 500 is up 17%.In a sense, the rebound is a validation of Uber’s decision to go public, even though it continues to set large losses. In the third quarter, the company , which was narrower than the $1.16 billion it lost in the same quarter last year.In the middle of a pandemic, the company has been propped up by delivery and its Uber Eats business, as its main business—ride-hailing—remains weak. On a Nov. 5 call with analysts,&nbsp;Uber’s chief financial officer Nelson Chai said, “We run the largest food delivery company outside of China.”Importantly for Uber, it can do that on its own terms in California, where voters overwhelmingly approved Proposition 22, a ballot initiative that will keep the app-based economy’s drivers and delivery workers classified as independent contractors and not employees. Essentially, gig companies like Uber, Lyft, DoorDash, and Instacart won an exemption from having to start paying into benefits like worker compensation and health insurance.The Prop 22 outcome could set a precedent for how other lawmakers across the United States approach the worker-classification debate. On the call with investors yesterday, Uber CEO Dara Khosrowshahi said that “going forward, you’ll see us more loudly advocate for new laws like Prop 22… It’s a priority for us to work with governments across the US and the world to make this a reality.”“The news of Prop 22 passing earlier this week remains front and center for the Street and has removed one of the biggest overhangs over the stock,” Wedbush analyst Daniel Ives said in a Nov. 6 note to clients.

By Reporter based in New YorkPublished November 6, 2020Who’s winning election week in the United States? Uber.First, on Nov. 3, voters in California agreed to exempt gig companies from a new state labor law that . And now the company’s market capitalization has reached $78 billion, surpassing the $75 billion valuation when the company went public in May 2019, according to PitchBook data.Shares of the ride-hailing giant are currently up 7% to $45.11 a share, topping the company’s initial public offering price of $45.Though you still would have been better off in the S&amp;P 500 index if...

public

Michelle Cheng

Global news and insights for a new generation of business leaders. Sign up for Quartz Daily Brief 👉 http://qz.com/emails/

qz.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Uber’s market value has just reached an all-time high

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS