Anti-Uber protests flare in Argentina as firm prepares IPO filing CassLGarrison
BUENOS AIRES - Taxi drivers took to the streets of Buenos Aires on Thursday to protest against Uber, underscoring the challenges the ride-hailing giant faces in the fast-growing Latin American market as it prepares to file a much-anticipated initial public offering.
Uber is expected to make its initial public offering registration on Thursday that could see it sell around $10 billion worth of stock, Reuters reported earlier this week, which would make it one of the largest tech IPOs of all time. “I see the biggest threats outside of competition being from regulation and a potential backlash against Uber as payouts to drivers continue to fall,” said Nathan Lustig, managing partner of Magma Partners, a Latin America-based venture capital fund.
Still, Argentina has been the fastest-growing market in the world for Uber since it started operating there in 2016, despite the country’s economic turmoil, according to company data reviewed by Reuters.
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