Apr 10, 2019

Uber wants to raise $10 billion in IPO

Dan Primack, author of Pro Rata

Illustration: Aïda Amer/Axios

Uber on Thursday will disclose plans to raise $10 billion in its IPO, as first reported by Reuters. This would set up an investor road-show for the week of April 29, and a listing in early May.

Why it matters: The S-1 filing should provide us with a much more complete understanding of Uber's finances, which to date have been selectively self-disclosed.

Where it ranks: At $10 billion, Uber's IPO would be the largest so far in 2019 and among the 10 largest of all time.

Price talk: Bankers reportedly pitched Uber last year on a $120 billion initial public valuation, compared to its last private mark of $72 billion, but word is that expectations have been scaled back below $100 billion (possibly due, in part, to Lyft's soft aftermarket performance).

Digging deeper: "Contribution margins, a measure that’s meant to show which businesses can operate profitably, will be one tool provided for digging through its spreadsheets. Uber calculates its contribution margin by tacking on more costs than Lyft does, according to people with knowledge of the matter. Uber’s more conservative metric may give investors a better sense of its business, even if it makes direct comparisons with Lyft more difficult." — Eric Newcomer & Olivia Zaleski, Bloomberg

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.