Uber CEO says it's 'nowhere near' going public even though Mark Zuckerberg is pressuring him
REUTERS/Robert Galbraith
"We're maturing as a company, but we're still like eighth graders," Kalanick said on stage at the Wall Street Journal's WSJDLive conference. "We're in junior high. And someone's telling us we need to go to the prom. But it's a little early. Give us a few years. Give us a little time."
Earlier in the conference, famed investor Bill Gurley said that the worst advice Silicon Valley ever received was to stay private longer. Kalanick says that although he's received pressure from both Gurley and Facebook CEO Mark Zuckerberg, the timing isn't right yet.
("It took Facebook a long time to go public, but once they did, Zuck has become a huge proponent - is it misery enjoys company?" Kalanick joked.)
For now, Uber isn't having any trouble raising money.
"In years and decades past, you'd go public for that last slug of capital to get to market," he said. "And the dynamics have changed. There's a lot of money in the private markets. So that part of going public is no longer there. We feel good about where we are. We feel good about the future. We're just not ready for that kind of event."
Kalanick did concede that although he personally hasn't sold a single share in the company, he knows that some employees will be calling for a way to turn their equity into cash. Uber employees and their significant others, Kalanick adds, will come with their "pitchforks and torches" and demand that they have some way to get a payout. "Some sort" of liquidity event will happen, he says.
But, the IPO is still a while off:
"We're just nowhere near it right now."
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas