Uber makes confidential filing for IPO

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Just over a year ago, co-founder and former CEO Travis Kalanick departed the company, and new chief executive Dara Khosrowshahi has spent much of 2018 attempting to turn the company around and rehabilitate its image. According to the New York Times, Uber also filed its paperwork with the SEC on Thursday, setting the stage for both companies to compete over who can get their shares on the market first.

The Atlanta Journal-Constitution reports that ride-hailing services do not pay sales taxes in Georgia.

This story is developing. From the waarderingsvoorstellen that Uber has received, shows that the company valued can be 120 billion dollars (approximately 105,4 billion euro). Valued at $76 billion, reports suggest that this filing makes it one of the biggest technology listings ever. The company's revenue grew 38 per cent to $2.95bn in the third quarter down from 51 per cent in the previous three months.

Uber's decision not to merge with Careem is based on its assessment that the company's presence in the Middle East is large enough and does not warrant an exit - as the company did when it left other markets because of intense competition and high operational costs.

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Founded in 2009 by Travis Kalanick, Uber has raised nearly $20 billion from investors such as Japan's SoftBank and Toyota.

Becoming a public company will bring a heightened level of investor scrutiny and exposure to Uber, which suffered a string of scandals when the company was led by co-founder and former CEO Travis Kalanick, who resigned past year.

Uber operates in more than 70 countries, while Lyft is in the United States and Canada, although the smaller company is plotting a global expansion.

Timing of the listings is uncertain, given the current turmoil in stock markets, but the filings made last week leave the door open for IPOs in early 2019. But Mr. Khosrowshahi has been working to restructure some overseas operations and build up businesses outside its core ride-hailing operation-such as prepared-food-delivery unit UberEats and trucking business Freight-to help bolster Uber's finances and emphasize the breadth of its business compared with Lyft. The market of ride sharing seems to be permeable, says Jeff Zell, the senior analyst & partner of IPO Boutique, Florida. Its investors include General Motors Corp, which holds a 9 percent stake in Lyft that it acquired for $500 million in 2016, but GM has wound down its cooperation with Lyft, choosing instead to acquire the autonomous vehicle company Cruise.