Uber on Friday set a price range of $44 to $50 per share for its IPO in an updated filing, giving it a market cap of 83.8 billion at the high end. That's far less than expected.
On a fully diluted basis, Uber's valuation would be $80.53 billion on the low end of the range and $91.51 billion on the high end. Also Friday, PayPal announced that it will invest $500 million in Uber. PayPal CEO Dan Schulman said in a statement on LinkedIn that PayPal is extending its current partnership with Uber to build Uber's digital wallet system. PayPal will buy $500 million worth of Uber stock at the IPO price.
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