Uber is an American technology firm that specializes in ride-hailing, food delivery (Uber Eats), package delivery, couriers, freight transportation, and even the rental of electric bicycles and motorized scooters. The company has grown at a rapid pace and established itself on a global basis.
Over 900 metropolitan locations throughout the world are served by the company. Uber is currently the largest corporation in the gig economy, with an estimated 78 million monthly active users. In ride-sharing, the company has a 67 percent market share, and in food delivery, it has a 24 percent market share. Uber has had a significant impact on the economy because it has touched a large number of businesses.
Uber, like any other firm, has received a lot of criticism for things like how it treats its drivers as independent contractors and how it has impacted taxicab firms. Uber’s business module entails recruiting drivers as independent contractors, implying that the company does not offer transportation services.
It determines the fare of transportation using a dynamic pricing mechanism, which is displayed to the rider prior to transportation. Riders and drivers use an easy-to-use mobile app to access this service. The app also allows the driver and the consumer to assess each other, with the ratings determining whether or not they are worthy of continuing to use the service.
So, how familiar are you with Uber? If not much, we’ve assembled everything you need to know about Uber’s net worth in 2021, including a wiki and detailed information. Thus, if you’re ready, here’s everything we know about Uber so far.
Beginning of Uber
In 2009, Garret Camp created Ubercab as a taxi service. Travis Kalanick, a computer programmer and the founder of StumbleUpon, was the culprit. Camp and his buddies came up with the idea for Uber after spending $800 on a private driver. The cost was definitely exorbitant. Camp realized that splitting the cost of transportation would be less expensive, so he started to work, and Uber was formed.
Oscar Salazar and Conrad Whelan, two of his buddies, collaborated on the prototype. Ryan Graves, the first Uber employee, became CEO before being replaced by Travis Kalanick in February 2010.
The experimental debut took place in San Francisco, and users could only book a black luxury sedan for 1.5 times the price of a regular cab. After some protests from San Francisco taxicab drivers, the name was changed from Ubercab to Uber a few years later. UberX was created in 2012, allowing customers to utilize non-luxury vehicles after passing a background check. By 2013, the company had expanded to 35 locations.
Uber launched UberPOOL, a shared transportation service, in the San Francisco Bay Area in 2014, and afterwards expanded to places such as Washington, D.C., New York, Delaware, and others. In August of 2014, Uber Eats, a popular food delivery service, was also launched. Uber had expanded its operations to China by this time, but faced stiff competition in 2016, forcing them to sell their Chinese operations to DiDi.
Dara Khrosrowshahi succeeded Kalanick as Uber’s CEO in 2017. In the same year, the Electronic Frontier Foundation gave them a five-star privacy rating, which was later questioned once Uber began tracking its users even after the ride. The corporation was obliged to amend their policy as a result of the backlash. Uber was involved in a number of business deals in 2018.
To begin, it merged its Eastern European operations with those of Yandex.
Taxi has made a $225 million investment in the company. In exchange for 27.5 percent ownership of Grab, they also combined its Southeast Asian business with Grab’s. They joined the Linux Foundation as a gold member in November of that year. Uber went public in 2019, which went horribly bad for them; their stock plunged by 11%, resulting in the largest IPO first-day dollar loss in US history.
Evolution of Uber
Uber had a lot of work to do to reestablish its stability after their losses in 2019. The company’s COO and CMO resigned, and a number of other Uber employees were laid off. However, in 2019, they created Uber Works, a platform that connects people to temporary jobs with a variety of companies. Another is their collaboration with Heliflight, a helicopter taxi service that runs between Manhattan and JFK International Airport.
Although the Uber Works project was terminated in 2020, the company continued to develop in 2019. Unfortunately, 2020 was not a good year for them; the COVID-19 epidemic halted a lot of travel, resulting in the service being underutilized. The corporation said that the epidemic cost them $5.8 billion.
Uber Net Worth 2021
It has grown to be one of the world’s largest tech businesses, which means it is making a lot of money. The business has been around for about 11 years and has enjoyed a fantastic run. The company’s estimated net worth is $15 billion as of 2021.
Those of us who own smartphones and live in cities are all familiar with Uber, the corporation, and its importance in our lives. The corporation has improved the globe by providing jobs to millions of people all around the world and making transportation much more convenient. We wish them all the best in the years ahead.
Also Read: Xbox Net Worth 2021