The Uber IPO Might Not Be as Big as You Thought. Blame Lyft.

The ride-sharing unicorn—market jargon for a privately held company valued at $1 billion or more—plans to sell around $10 billion worth of stock, and is likely to make public the registration of the offering on Thursday, Reuters reported. Uber declined to comment.

Uber brought in $11.3 billion in revenue last year. It also bled less red ink, reporting a loss of $1.8 billion based on earnings before interest, taxes, depreciation, and amortization, or Ebitda, compared with $2.2 billion in 2017. Lyft shares have struggled since their hot debut. The stock closed Tuesday down nearly 4% to $67.44, well below its peak in the high $80s. That performance may have inspired Pinterest to seek a valuation in its own IPO lower than it achieved in its latest funding round.

Uber was valued at $76 billion in its most recent private fundraising round, but investors thought the company might have sought a $110 billion valuation, or about 10 times its 2018 revenue. The lower number, according to Reuters, was influenced by Lyft’s poor performance.

UGH $LYFT this is all your fault! How could you not live up to your (fake) unicorn 20 billion dollar valuation?!? This is the decade of ez money!

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