Mark Cuban says that Uber waited too long to go public.
But investors who were looking at Uber's revenue, burn rate, mounting debt, growth rate weren't biting and now billionaire Marc Cuban has weighed in saying he's not surprised at the rough time Uber had.3 reasons why Uber had such a 'weird' and terrible IPO, according to a portfolio manager who wouldn't buy the stock
Many young-ish Silicon Valley companies go public when they are unprofitable but make investors comfortable with the all the red ink by showing how the current spending will translate into explosive growth down the road.the numbers tell a different story. Amazon went public in 1997 after it grew its revenues from $511,000 to $15.75 million in one year. True, it also grew losses from $304,000 just under $6 million but everything about Amazon's business is different from Uber's.
"I just think we're seeing a reflection of the Silicon Valley ethos in the public market. The whole attitude was wait, wait, wait, wait. You don't want to deal with IPO. But at some point, all of those VCs need a liquidity event. It also suggests that they are not very good at valuing companies." "I'm still up a little bit on my stock. It was $1 million position, so it was big but not huge for me. No, I haven't bought any more. When I bought in Lyft it was four years ago, and I've been pushing for them to go public from that moment on. Obviously, they didn't listen."
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