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How Enthusiasm for Uber Evaporated Before I.P.O.

May 17, 2019 - The New York Times
Mergers and Acquisitions-Event Announcements

Last September, Uber's top executives were pitched by some of Wall Street's biggest banks, Morgan Stanley and Goldman Sachs.

The bankers' presentations calculated Uber's valuation almost identically, hovering around one particular number: $120 billion.

That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks. Uber's chief executive, Dara Khosrowshahi, and c...