Great fanfare as Uber gets its stock on the road, but app stalls in New York

Could this be the moment the sentiment on Wall Street turned against the tech sector? Ubers stock market debut came with all the usual razzmatazz of a big American technology IPO. The chief executive spent weeks making sweeping statements about how the business was just getting started and had new worlds to conquer everything from pizza delivery to international freight. In the background, investment bankers whipped up buyers for the transportation stock of the 21st century. And, when immediately went into reverse. Priced at $45 a share, valuing Uber at $80bn (61.4bn ), the stock opened at $42 and closed at $41.51. True, the taxi-hailing app firm turned out to have picked a poor day to list the wider market …

Uber’s self-driving car unit valued at $7.3bn as it gears up for IPO

Valuation comes after firm received $1bn investment from Toyota and Saudi Arabia Ubers self-driving car unit has been valued at $7.3bn (5.6bn), after receiving $1bn of investment by a consortium including Toyota and Saudi Arabias sovereign wealth fund. With weeks to go until the loss-making San Francisco firms stock market float, company at up to $100bn, Uber said it had secured new financial backing for its plans to develop autonomous vehicles. Japanese carmakers Toyota and its compatriot Denso, a car parts supplier, will invest a combined $667m in Ubers Advanced Technologies Group (ATG). The remainder will come from Japanese conglomerate SoftBanks $100bn Vision Fund, whose largest investor is Saudi Arabia. Toyota and SoftBank are already major investors in Uber, with …

Pinterest pins hopes on cut-price IPO as latest tech ‘unicorn’ goes public

Companys $9bn valuation is $3bn less than 2017 figure and digital scrapbooking site is to be followed by Airbnb, Uber and WeWork Pinterest, the digital scrapbooking site, has became the latest Silicon Valley unicorn to publish details of its plans to go public. The companys initial regulatory filing would value the company at around $9bn, significantly less than previous valuations but a figure that could change if investors get behind the initial public offering (IPO). Pinterest is the second of a herd of unicorns private companies valued at over $1bn now stampeding to list on the US stock markets. According to the companys filing Pinterest plans to sell 75m shares at a price of between $15 and $17. The $9bn …