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So Benchmark is suing Uber and Kalanick because they are worried about getting their money out- 13% of Uber is almost $9B. Now Uber claims to have other invest

by evv 9y ago

So Benchmark is suing Uber and Kalanick because they are worried about getting their money out- 13% of Uber is almost $9B. Now Uber claims to have other investors ready, willing to buy back over $6B of that stock. If that were the case, then wouldn't Benchmark have already divested? Who is willing to invest $6B into Uber when it has no CEO and such an astronomical valuation?

will_brown 9y ago
>Who is willing to invest $6B into Uber when it has no CEO and such an astronomical valuation? It depends, would that equity be offered through an ICO? If so, shut up and take my money. How awesome would it be to go from the taxi medallion system to an Uber token system.
- HNNoLikey 9y ago
  I happen to agree with that but I don't think it could happen at this advanced stage. Would the SEC even allow it?
  - will_brown 9y ago
    Well as much of a joke as it sounds...this is truely what I believe will happen. 1. Tech community initially embraced Uber, drank the cool aid and echoed: better service, disruption of existing industry highlighting the NY medallion system as the worst example of a taxi monopoly stifling innovation. 2. Uber lost its appeal with stories of their disgusting corporate culture and cut throat/intimidation practices at best and outright illegal practices at worst, just as block chain and smart contracts are hailed as a decentralized solution to the "sharing economy" for things just like Uber. The tech community fell in love all over again, despite the obvious problems and unrealistic expectations of smart contracts. 3. When a blockchain Uber competitor/replacement does come around, it is going to be token based and idiotically the tech community will fall in love all over again, no recognizing the irony of replacing a taxi medallion with a expensive token.
petergatsby 9y ago
Softbank
- hkmurakami 9y ago
  To elaborate, iirc Softbank wants to buy at a 30% discount to the latest topline paper price (which is entirely fair).
- evv 9y ago
  Latest news seems to indicate that Softbank is considering investing at a ~$40B valuation.. considerably lower than the $69B number floating around. And although it is probably just a negotiation tactic, they claim to be considering an investment in Lyft instead. https://www.recode.net/2017/8/7/16110020/benchmark-softbank-uber-negotiating-investment-exit https://www.recode.net/2017/8/7/16110020/benchmark-softbank-... https://www.cnbc.com/2017/07/31/softbank-talks-to-invest-in-uber-are-dead-sources-tell-cnbc.html https://www.cnbc.com/2017/07/31/softbank-talks-to-invest-in-...
robk 9y ago
At what price though? That's not specified.

by evv 9y ago

will_brown 9y ago

>Who is willing to invest $6B into Uber when it has no CEO and such an astronomical valuation? It depends, would that equity be offered through an ICO? If so, shut up and take my money. How awesome would it be to go from the taxi medallion system to an Uber token system.

HNNoLikey 9y ago
I happen to agree with that but I don't think it could happen at this advanced stage. Would the SEC even allow it?
- will_brown 9y ago
  Well as much of a joke as it sounds...this is truely what I believe will happen. 1. Tech community initially embraced Uber, drank the cool aid and echoed: better service, disruption of existing industry highlighting the NY medallion system as the worst example of a taxi monopoly stifling innovation. 2. Uber lost its appeal with stories of their disgusting corporate culture and cut throat/intimidation practices at best and outright illegal practices at worst, just as block chain and smart contracts are hailed as a decentralized solution to the "sharing economy" for things just like Uber. The tech community fell in love all over again, despite the obvious problems and unrealistic expectations of smart contracts. 3. When a blockchain Uber competitor/replacement does come around, it is going to be token based and idiotically the tech community will fall in love all over again, no recognizing the irony of replacing a taxi medallion with a expensive token.

petergatsby 9y ago

Softbank

hkmurakami 9y ago
To elaborate, iirc Softbank wants to buy at a 30% discount to the latest topline paper price (which is entirely fair).
evv 9y ago
Latest news seems to indicate that Softbank is considering investing at a ~$40B valuation.. considerably lower than the $69B number floating around. And although it is probably just a negotiation tactic, they claim to be considering an investment in Lyft instead. https://www.recode.net/2017/8/7/16110020/benchmark-softbank-uber-negotiating-investment-exit https://www.recode.net/2017/8/7/16110020/benchmark-softbank-... https://www.cnbc.com/2017/07/31/softbank-talks-to-invest-in-uber-are-dead-sources-tell-cnbc.html https://www.cnbc.com/2017/07/31/softbank-talks-to-invest-in-...

robk 9y ago

At what price though? That's not specified.