Uber Technologies (UBER) Faces A Threat From The Chinese Company

According to the chart for the last 5 days, Uber Technologies (UBER) is moving unpredictably. At the beginning of the week, the stock was steadily going up, but then it started to go with parabolic movements. The company’s price eventually plummeted to $49.55.
Uber Technologies (UBER) Faces A Threat From The Chinese CompanyThe biggest ride-hailing service in China, Didi Chuxing, submitted officially to the United States for the first public presentation on Thursday, potentially making this service more valuable than Uber Technologies’ rival does. The offering size may reach about $62 billion that means that it could be a blockbuster.

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The Beijing-based company has considered thinking about raising $10 billion through a stock sale, which could possibly value the company at up to $100 billion. According to this valuation, Didi Chuxing could outperform Uber, which had a market capitalization of $92.7 billion as of Thursday’s close. Now there are problems for investors after such bad news.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.