They might not own any taxis, but the staggering Uber net worth makes them the world’s largest taxi firm, as well as one of the world’s biggest tech companies.
Uber has received its fair share of criticism over the years. That is largely due to the impact that it has had on the taxi industry. Yet, the tech company is the perfect example of how technology can be used to simplify even the simplest of tasks.
Prior to Uber, hailing a cab was as easy as sticking out a hand, or dialing a local firm.
Now you can book a vehicle with the click of a button and watch it travel towards you via your phone. Cash in hand is no longer needed. Likewise, the app’s review system means that Uber rides are safer and service quality is higher.
As a result, Uber has connected more than two billion passengers with suitable drivers in over 450 cities since 2009.
Uber has a hailing market share of approximately 75% in the United States and generates approximately £115 million in fare charges in the UK alone. Uber takes a 20% commission from each fare, with the driver pocketing the rest.
Unsurprisingly, not everyone appreciates the app. London’s iconic black cab drivers have protested against the lack of rules that Uber adhere to. This could see Uber lose the right to operate within the capital.
Likewise, the European Court of Justice have ruled against Uber. The company claimed that it was merely a ‘tech company’, which connects drivers to riders. Yet, according to the ECJ, Uber is a transport provider. As a result, Uber must follow local transport licensing laws and train their drivers appropriately.
Has the Uber net worth suffered?
Despite the numerous battles that Uber have found themselves involved in and the uncertainty that comes with it, interest among investors hasn’t declined.
The company has yet to make a profit since the service launched in 2009. Yet, Uber still ranks as the world’s most valuable private company.
Losses in 2016 totaled over $3 billion, but that figure is dropping steadily, while revenue continues to rise. The app has grown from $1 million in income in the first quarter of 2012 to 1.6 billion in the fourth of 2016. As a result, the Uber net worth is impressively high.
Uber has yet to go public. However, the company’s initial market cap has been set at $68 billion. Yet, that figure could climb once Uber is listed on the stock exchange.