|Legal Name:||Uber Technologies, Inc.|
|Headquarters Regions:||San Francisco, California, United States|
|Founded Date:||March 2009|
|Founders:||Travis Kalanick, Garrett Camp|
|Number of Employees:||27000+|
|Area served:||The United States of America, and World|
|Products of Company:||ride-hailing, food delivery, package delivery, couriers, freight transportation|
|Net Worth in 2023:||$15 Billion|
Uber is an American technology company that is known mainly for facilitating services like ride-hailing, food delivery (Uber Eats), package deliveries, couriers, freight transportation, and even electric bicycle and motorized scooter rental. The company has grown very fast and has established itself on a very wide scale worldwide.
The company has operations in over 900 metropolitan areas worldwide. It is estimated that Uber has around 78 million monthly active users and is currently the largest firms in the gig economy. The company has a 67% market share for ride-sharing and a 24% market share for food delivery. Uber has changed the economy so much because many companies have been affected by this concept.
Like any other company, Uber faces a lot of backlash for reasons like how it treats its drivers as individual contractors and how taxicab companies have been affected. The business module of Uber involves the hiring of drivers as individual contractors, meaning the company does not provide any transportation services.
It uses a dynamic pricing system to determine the fare of the transport which is shown to the rider before being transported. The riders and drivers access this service through a mobile app that is easy to use. The app also allows the driver and the customer to rate each other, ratings that will determine whether each of them is worthy to remain on the service.
Well, how well do you know about Uber? If not much, we have compiled all you need to know about Uber’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about Uber to date.
Garret Camp founded the company as Ubercab in 2009. It was a computer programmer and also the founder of StumbleUpon, Travis Kalanick. The idea of Uber came about when Camp and his friends spent $800 after hiring a private driver. The price was obviously high. Camp established that sharing the cost of transportation would have made it cheaper, he then got to work and Uber was born.
The prototype was made together with his friends, Oscar Salazar and Conrad Whelan. In February 2010, Ryan Graves was the first Uber employee and ended up being CEO before being replaced by Travis Kalanick.
The beta launch was done in San Francisco where the user could only order a black luxury car for 1.5 times that of a normal taxi. The name was changed from Ubercab a few years later to Uber after some complaints from the San Francisco taxicab operators. In 2012, UberX was launched, which allowed people to use non-luxury vehicles that went through a background check first. By 2013, the company was operating in 35 different cities.
In 2014, Uber released UberPOOL, a shared transport service, in San Francisco Bay Area and later, other cities like Washington DC, New York, Delaware and others. Uber Eats, the popular food delivery service was also launched in August 2014. By this time, Uber had expanded its operations to China but, in 2016, they were facing tough competition which forced them to sell their operations in China to DiDi.
In 2017, Dara Khrosrowshahi replaced Kalanick as the CEO of Uber. In the same year, they received a five-star privacy rating from Electronic Frontier Foundation which was later criticized after Uber began tracking its customers even after the ride. The criticism forced the company to change that policy. In 2018, Uber was involved in a number of business agreements.
Firstly, it combined its operations in Eastern Europe with those of Yandex.Taxi and invested $225 million into the business. They also merged their operations in Southeast Asia with those of Grab in exchange for 27.5% ownership of Grab. In November of that year, they became a gold member of the Linux Foundation. In 2019, Uber became a public company which went wrong for them, their share dropped by 11% which led to the biggest IPO first day dollar loss in US history.
Following their losses in 2019, Uber had a lot to do to regain its stability. The COO and the CMO of the company stepped down and a number of other Uber employees lost their jobs. However, still in 2019, they launched Uber Works, a platform that was meant to connect workers to temporary jobs of different businesses. Another one is their partnership with Heliflight, a helicopter taxi service between Manhattan and John F. Kennedy International Airport.
The Uber Works project was stopped in 2020 but the company still made some growth in 2019. Unfortunately, 2020 wasn’t such a good year for them, the COVID-19 pandemic hindered a lot of traveling which meant that the service wasn’t being used as much. The company announced that they had lost $5.8 billion due to the pandemic.
Awards & Achievements
Uber is now one of the biggest tech companies in the world today despite how young the company is. It has been hailed for its unique business module and is very promising as a company. Due to its efforts, Uber was able to be named the 2013 Tech Company of the Year by USA Today.
Net Worth & Earnings of Uber in 2023
Uber has become one of the biggest tech companies in the world which means that it is also pocketing some big bucks. The company has been in operation for nearly 11 years and had an incredible run. As of 2023, the company has an estimated net worth of $15 billion.
For those of us who own smartphones and live in the city, we all know Uber, the company, and the significance it has in our lives. The company has changed the world for the better by providing employment to millions of people around the world and making transportation so much easier. We wish them the best of luck in the years to come.