A $364 MILLION MISTAKE: How Universal Blew Its Chance To Cash In On Uber
Pablo Blazquez Dominguez/Stringer/Getty Images
When Uber, the startup that makes an app you can use to summon a taxi, first started in 2010, it was called UberCab.It lived on the Web at UberCab.com.
So UberCab became Uber.Suddenly, it needed to own Uber.com.
The problem: Uber.com was owned by Universal Music Group.The solution: Uber gave UMG a 2% stake in exchange for the domain. Today, Uber is worth $18.2 billion.
A 2% stake in Uber would be worth $364 million.
Sadly for UMG, it sold its 2% back to Uber for $1 million just a couple years after the initial deal.Ouch.
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