July 25, 2017

For a private company, Uber is behaving a lot like a public one

Outdoor signage board with Uber Technologies Inc. logo. Modern office building. Editorial 3D
Copyright: moovstock / 123RF Stock Photo

One of the most unusual things about the dramatic shakeup at Uber is that it all happened pre-IPO.

Sending the co-founder/CEO packing when the downside to his immaturity finally eclipses the upside to his brilliance? Calling in a former attorney general of the United States to investigate the corporate culture, and disclosing the report with his recommendations for reform? Apologizing to customers (subject line: Our path forward ) and promising to become “the company you deserve”?

Usually you have to wait for the shares to be listed before you can see a company as big as Uber go through these kinds of machinations .

It speaks to multiple trends, starting with the new desire for corporate entities to demonstrate human empathy, and the self-flagellation that is now de rigueur when they don’t. But it also reflects alterations to the timeline of Silicon Valley unicorns, for which an IPO no longer needs to be a foregone conclusion . There are alternatives now, made easier by huge growth in the private-equity industry (which managed a record $2.5 trillion in assets as of June 2016, according to figures from Preqin ) and by secondary markets where antsy employees can try to cash out their […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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