Last September, Uber’s top executives were pitched by some of Wall Street’s biggest banks, Morgan Stanley and Goldman Sachs. The bankers’ presentations calculated Uber’s valuation almost identically, hovering around one particular number: $120 billion. That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks. Then they hired Morgan Stanley and Goldman Sachs to take the company public — and to effectively make the $120 billion valuation a reality. Nine months later, Uber is worth about half that figure.

Source: New York Times May 15, 2019 22:59 UTC